Saudi Aramco has invited several banks to bid for roles in its anticipated initial public offering, reports suggest.
Saudi Arabia’s Crown Prince Mohammed bin Salman has long held the goal of launching an IPO of the state-controlled oil company, and values the company at around $2 trillion. Should an IPO take place at anywhere close to the Crown Prince’s valuation it would be the largest in history.
Saudi energy minister Khalid Al-Falih has previously said that Aramco would be likely to launch an IPO in 2020 or 2021, and recent market speculation is suggesting the launch will be at the earlier end of that timeline. It is believed the company would be listed on the Tadawul, Saudi Arabia’s stock exchange
Sources did not specify which banks had been contacted by Saudi Aramco, beyond confirming they were top tier as to be expected.
Saudi Aramco declined to comment on the issue.