The Saudi Royal Court and its advisers have been debating an eventual float of as much as 10% of the Saudi Arabian Oil Co., known as Aramco, doubling the country’s longstanding public intention to list just 5%, according to these people.
Throughout the IPO planning, Saudi officials have debated ways to expedite the process and lift Aramco’s valuation closer to the crown prince’s hoped-for $2 trillion. At that valuation, a 10% float could yield $200 billion, eight times more than the $25 billion Chinese e-commerce giant Alibaba Group Holding Ltd. raised in the biggest IPO in history five years ago.
Since the strikes, Saudi officials have weighed a delay in the IPO, but Aramco is moving forward with presentations to analysts and meetings with bankers as planned this week, aiming to begin a planned multiphase listing sometime in November. Discussions of a change in the offering’s timing have been mostly confined to Saudi officials and Aramco executives, according to people familiar with the matter. Meanwhile, work has continued unabated on the deal, some of the people said.
“The crown prince does not want to stop there,” said a senior Saudi adviser. “He wants another 5% a year or two after we float the first 5%. We could even go beyond that,” the adviser said. Mr. Falih’s fate was sealed when it became clear that he favored a very limited IPO plan. At a meeting in July with the crown prince and his advisers, Mr. Falih advised Prince Mohammed to proceed slowly with the IPO. He argued against the proposal to offer an additional 5% of Aramco, according to people familiar with the meeting.
Source: News Formal (newsformal.com)
Do it before we all realize they are buying Iran's oil, calling it Iraqi, then selling it instead of Arab Medium.
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