Saudi Aramco Still Considering Overseas Listing
Saudi Aramco is still considering listing its shares on an international exchange, following its US$25.6 billion initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) in December. In an interview at the World Economic Forum in Davos, Saudi Arabian finance minister Mohammed Al-Jadaan said that an international listing is “still on the cards”, but that he “didn’t think it’s going to be anytime soon.” The record-breaking IPO valued Saudi Aramco at approximately US$1.7 trillion late last year, with the base offer size representing 1.5% of share capital. In early January, the Company sold an additional US$3.8 billion worth of shares pursuant to an over-allotment option, raising the gross proceeds from the IPO to US$29.4 billion. Prior to the IPO, Saudi Aramco had also successfully closed its maiden international bond offering in April 2019, selling US$12 billion worth of bonds under its Global Medium Term Note Programme.