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Saudi Arabia formally begins IPO of giant oil firm Saudi Aramco

Saudi Arabia formally begins IPO of giant oil firm Saudi Aramco

Saudi Arabia, on Sunday, formally began an IPO for oil giant Saudi Aramco after years of delay. However, there has been no price range offered for its shares nor any idea how much of the firm would be offered to investors on Riyadh’s Tadawul stock exchange. The company produces over 10 million barrels of crude oil a day (10% of global demand). The firm’s net income in 2018 was $111.1 billion.

atlas shrugged
atlas shrugged 1 year

Spinning an IPO of a state owned asset and only providing minimal words around it like it will "continue to meet the supply demand" and "listing was a reflection of a strong global position" seems very weird. Presumably all the important details that might make someone want to buy shares will show up in the prospectus whenever that is available.

Hannibal 1 year

Unfortunately, unlike in Mexico with Pemex, this won't lead to greater efficiency, or rooting out corruption inside the oil industry. It must means the Saudis are desperate to not become a one-trick pony.

Katharine 1 year

Then what will you do?

michael zubas
michael zubas 1 year

they are cashing out the Petro Dollar! holy shit dude!

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