Saudi Arabia is considering offering a stake in Aramco for an IPO worth up to $50 billion, according to what the Wall Street Journal reported, citing people familiar with the matter.
The newspaper added in a report published today, Friday, that no final decision has been made regarding the timing of the deal, and the plans may be canceled or postponed, noting that Aramco is surveying the opinions of potential investors, such as other multinational oil companies and sovereign wealth funds, regarding participation in the deal.
Al-Sharq was unable to confirm the accuracy of the details, as Aramco refused to comment on the news, saying only that the decision to offer is up to shareholders.
Bloomberg had said last May that the Kingdom was working with several advisors to study the feasibility of an additional offering for the oil giant Aramco on the Riyadh Stock Exchange.
Aramco is considered the largest energy company in the world, with a market value exceeding two trillion dollars, and during the company’s initial public offering in 2019, the deal raised nearly $30 billion, the largest ever.
At a time when the global IPO market is suffering due to weak economies and high inflation, there is still a high appetite for such deals in Saudi Arabia in light of the IPO activity in the Saudi market compared to regional and global markets.
