Saudi Arabia is still aiming to complete both international and domestic portions of the initial public offering of its state oil company in 2018, Oil Minister Mr Khalid Al-Falih said. Asked whether both parts of the IPO will happen next year, Mr Al-Falih said that “Yes of course; it is on track.” He declined to answer questions on whether Chinese investors were interested in buying ahead of the IPO as cornerstone investors.
People familiar with the situation said last week that the kingdom is wondering whether to delay the international portion of the offering until at least 2019. A two-stage Saudi Aramco IPO is one of several options being considered, they said, asking not to be identified because discussions are private. Another plan would include listing in Riyadh next year and privately selling a stake to one or several cornerstone investors, one of the people said.
However, there’s a precedent for bringing in such investors before a large commodities IPO. In 2009, Glencore Plc sold a stake through a convertible bond ahead of its 2011 offering, still the largest in London, where the company raised almost $10 billion.
The Saudi government said the sale of 5 per cent of Aramco shares could value the company at as much as USD 2 trillion, though analysts have tended to give lower estimates. If Saudi Arabia achieves its valuation, that stake would raise about USD 100 billion, eclipsing Alibaba Group Holding Ltd.’s USD 25 billion in 2014. Source : BLOOMBERG Pipe Industry Co., Limited (www.wilsonpipeline.com)
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