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Home News Saudi Aramco said, We’ll be ready for $2 trillion IPO in 2018

Saudi Aramco said, We’ll be ready for $2 trillion IPO in 2018

October 14, 2016 by Ethan Loy Leave a Comment

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Oil has lost half its value in a little in last 2 years and the market for IPOs is in the trouble. But Saudi Aramco is no ordinary oil company. According to experts it will be ready to launch the biggest IPO ever by 2018.

Saudi officials said they anticipate an IPO value of Aramco at around $2 trillion. If the market works in favor, it can raise $100 just by selling 5% of the shares. The details of the sale will ultimately be decided by deputy crown prince Mohammed bin Salman, who is developing a plan to diversify Saudi Arabia’s economy and take the country off oil.

Apart from the exact timing and size of the IPO, Saudi Arabia still has to decide where to list Aramco. Nasser also said Aramco has to get into shape before the listing.

Having nearly 270 billion barrels of reserves and average production costs of less than $10 a barrel, the company has more work to do.

It plans to nearly double its oil refining capacity to match daily crude production of about 10 million barrels by 2030, and invest more than $300 billion over the coming decade.

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