Saudi Arabia wants to ensure a colossal domestic IPO for state-run oil giant Saudi Aramco
RIYADH/LONDON/DUBAI - Saudi Arabia is setting the stage for a blockbuster listing of state oil giant Saudi Aramco in Riyadh, relying on easy credit for retail investors and pushing rich locals to invest with cash held abroad to achieve a $2 trillion valuation target.
A government committee has met in the past few months with dozens of wealthy Saudi individuals to secure pre-sale agreements, two bankers and a potential investor said. “Between the domestic Saudi enthusiasm for the company and government encouragement of investment in Aramco, Tadawul is bound to give Aramco the best opportunity for a high valuation.”Large Saudi banks are facilitating loans for local retail investors, three other banking sources said, amid strong liquidity in the banking system where deposits exceeded loans by 215 billion riyals in August.
Saudi investors see the IPO as a chance to own part of the kingdom’s crown jewel and an opportunity to show patriotism after the attack on Aramco oil plants on Sept. 14 that temporarily knocked out more than half the country’s output, which is now about 10 million barrels per day.
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