Aramco IPO Bankers Question Whether Deal Is Worth the Effort - Bloomberg

Aramco IPO Bankers Question Whether Deal Is Worth the Effort - Bloomberg:

When Saudi Arabia announced plans to sell shares in its crown jewel Aramco, international bankers scrambled to get a piece of the action. Three years on, they’re questioning whether what could be the world’s biggest IPO is worth their time and effort.

Some banks, which worked on the deal for more than two years before the oil giant put it on hold, are having internal discussions about whether to re-pitch for a role as the kingdom restarts preparations for the listing, according to people with knowledge of the matter.

High-level advisers descended on Aramco’s desert headquarters in Dhahran and the capital Riyadh for nearly two years, constantly travelling from London and New York to work on the IPO and sacrificing other business, people familiar with the process said. A number of banks expanded their operations in the kingdom in anticipation of winning a cut of the $100 billion Aramco planned to raise and roles on future deals.