Saudi Aramco may have finally fired the starting pistol on its IPO, but some analysts still believe investors should think carefully before jumping on board.
The company, the most profitable in the world, announced Sunday that it's planning to list on its local stock market, the Tadawul, in December.
But a lack of details on the listing, which eventually could be the largest on record, has left some analysts cold. And they believe there are plenty of reasons why international investors should be wary.Aramco said Sunday that "the final offer price, number of shares to be sold and percentage of the shares to be sold will be determined at the end of the book-building period." The company's IPO prospectus will be released on November 9.
Lennox said the valuation could make all the difference to investors. "We've also not seen any form of valuation, we've seen quite wide numbers from $1 trillion to $2 trillion. We think it's about $1.4 trillion so you can take your pick," he said.
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