Aramco 1% Stake Sale May Equal a Decade of #Saudi IPO Proceeds - Bloomberg

Aramco 1% Stake Sale May Equal a Decade of Saudi IPO Proceeds - Bloomberg:

If Saudi Arabia moves ahead with plans to float 1% of the world’s most profitable company, Saudi Aramco, it could raise proceeds equivalent to the last 10 years of initial public offerings in the country.

There are still moving parts in what could be a game-changing IPO, but this week the company selected banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., to work on the sale of a stake as soon as November, people with knowledge of the matter said.

The oil exploration company may start with a 1% stake in the domestic market, possibly adding another chunk later, before ultimately launching an overseas listing, they said. While Aramco’s valuation isn’t known, Crown Prince Mohammed bin Salman’s pegged it at about $2 trillion, a number many consider to be inflated. Bloomberg Intelligence, for example, estimates the value at about $1.1 trillion, while other analysts’ forecasts are around $1.5 trillion.