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The latest report suggests that the mega-IPO of Saudi Aramco, which could have been the biggest IPO launch ever has been shelved indefinitely. Initially, a launch was expected in 2018 but several factors such as lower oil price, the difficulty of an international listing due to regulations, the launch may not happen until 2019. At the beginning, Saudi Arabia projected that a 5 percent stake sale in Saudi Aramco could value the Saudi Arabian state-owned oil giant at $2 trillion but lower oil price could see that value topple by almost 50 percent.
It is also being reported that China has shown interest in buying the entire 5 percent stake in a private placement but it has not been confirmed officially. The report was broken by Financial Times, which suggests that Saudi officials are concerned about the legal risks involved in taking the company public.
Saudi Arabia’s powerful crown Prince Mohammad bin-Salman is in favour of a listing in New York to attract a wide range of investors but that might also expose the company to legal actions over Saudi Arabia’s alleged role in 9/11 attacks on twin towers where the majority of the attackers were Saudi nationals. A second choice was a London Stock Exchange listing but that might also expose Aramco to legal risks.
Due to the above concerns, Saudi Aramco’s IPO listing could be permanently shelved if there are enough interests for a private placement.
