Aramco Has Hired Bookrunners for $20 billion IPO
Aramco has hired Deutsche and UBS Group as bookrunners for its IPO (initial public offering). The Saudi state oil company signs a deal despite a recent attack on Saudi oil facilities and Aramco has also started informing the banks about the bookrunners’ roles.
The Saudi state oil company also finalised 9 banks for top roles, as global coordinators in the recent weeks, reported by Reuters, and expected to add more banks to be named in junior roles, the sources said.
BNP Paribas SA (BNPP) and Barclays Plc (BARC) have been added by Aramco as bookrunners, the Bloomberg reported.
There are prevailing the doubts regarding the timeline of the potentially $20 billion domestic leg of the IPO among the investors after last Saturday’s attacks, that had occured on two sites that usually clean up and process almost 5.7 million barrels per day.
The Saudi state oil company will resume full crude output at Khurais and Abqaiq, by the end of September it, these two oil facilities of Saudia were damaged by attacks in last weekend, that U.S. officials have blamed on Iran.
In late November, Aramco also planned the meeting with analysts, ahead of the expected IPO, and it is also scheduled for early next week. The company was not immediately available to comment.
The Riyadh listing is the first step by Aramco, towards an eventual sale of up to 5 percent, sources have told the Reuters, with another 1 percent expected to be sold domestically in next year, that is followed by an international listing.