Aramco’s multi-billion dollar IPO process accelerates
Sources close to the subject, speaking to Bloomberg, announced that Aramco’s IPO preparation is gaining momentum. The said supply is expected to be one of the largest in the world in recent years.
Announcing that the Kingdom of Saudi Arabia is working with several consultants to examine the feasibility of an ongoing proposal on the Riyadh Stock Exchange, sources said a decision will be made in the coming weeks on whether to continue the work.
On the other hand, although a definite timetable has not been determined, it was noted that the IPO could take place as soon as possible this year.
Saudi Arabia’s Crown Prince Mohammed bin Salman said in January 2021 that they would sell more shares in the state oil giant in the future by transferring government revenues to the kingdom’s sovereign wealth fund.
Aramco, the world’s largest energy company with a market value of 2.1 trillion dollars, increased 14 percent this year and became Exxon Mobil Corp. surpassed western oil giants such as