10 Things to know Saudi Aramco
In this Nov 17th 2019 world largest oil producing company Aramco start IPO.This may be largest IPO in the world in the world. The company expected to conduct $ 3o billion.The IPO represents the cornerstone of powerful crown prince Mohammed bin Salman’s “Vision 2030,” aimed at leading the world’s biggest crude exporter away from oil.
- Aramco is Saudi owned oil production company.
- The IPO in the period of Nov 17 to 28, you can apply in these days.
- In the last financial year company profit is $111.1 billion .
- The Aramco holds 10% of the total oil production in the world.
- The company said it had hired a host of international banking giants including Citibank, Credit Suisse and HSBC as financial advisors and book
- The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.
- It also acknowledged that climate change concerns could reduce demand for hydrocarbons.
- Investment research firm Bernstein estimates the valuation could fall within a range of $1.2 and $1.5 trillion.
- However key details were missing from the prospectus, including the company’s valuation and how much Aramco expects to raise from the IPO.
- For transparency, Saudi Aramco’s prospectus also highlighted risks including the potential for “terrorist” attacks and the possibility of antitrust legislation.