Saudi Prince gave the “green light” to release Saudi Aramco IPO

Саудовский принц дал "зеленый свет" для выхода Saudi Aramco на IPO

Today, 2 November, the crown Prince of Saudi Arabia Mohammed bin Salman has finally approved an IPO on the stock exchange, the country’s largest companies – the state oil Saudi Aramco, reports Bloomberg.

According to the newspaper, the decision was taken yesterday during the November 1 meeting. Bin Salman believes that the support of Saudi businessmen enough for the IPO. It is noted that officially it was announced on Sunday, November 3.

Placement should be the largest in history. Prince Muhammad has estimated the company in $2 trillion in early 2016, when he first offered to withdraw it in exchange for diversification-oriented oil economy of Saudi Arabia. Then had to be sold to 5% of the shares totaling $100 billion.

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Subsequently, the deal was several times postponed from-for absence of demand from foreign investors. When the IPO was postponed last time, the Saudi Fund for welfare Aramco has sold a controlling stake in the petrochemical company Saudi Basic Industries Corp (SABIC) for $69 billion.

The oil giant chose advisers for the initial placement of shares

After the announcement of the acquisition of Aramco, SABIC issued its first international bonds, demand for which exceeded $100 billion in the volume of supply in the $12 billion the success of the placement showed that international pressure on Saudi Arabia in connection with the murder of journalist Jamal Khashoggi began to wane.