Clarify the narrative:
Saudi Arabia is finally moving ahead with the initial public offering of its state oil company after several delays. Saudi Aramco has officially kickstarted its IPO process on November 3 after the kingdom’s Capital Market Authority said it has approved an application to list the company in the local stock market Tadawul.
One of the main reasons for the delay has been the valuation: Crown Prince Mohammed bin Salman has pegged the company’s value at $2 trillion, but many analysts and bankers said investors were likely to buy below that price in the range of $1.5 trillion to 1.8 trillion. Estimates after the ITF announcement varied wildly from around $1.2 to $2.3 trillion.
Accepting a lower price suggests that the prince has decided to “put getting the deal done above being proved right” about the valuation, a rare compromise for the heir apparent whose rise to power has been marked by a decisive drive to achieve the goals of an ambitious economic and social reform programme known as “Vision 2030.”
Saudi Arabia is finally moving ahead with the initial public offering of its state oil company after several delays. Saudi Aramco has officially kickstarted its IPO process on November 3 after the kingdom’s Capital Market Authority said it has approved an application to list the company in the local stock market Tadawul.
One of the main reasons for the delay has been the valuation: Crown Prince Mohammed bin Salman has pegged the company’s value at $2 trillion, but many analysts and bankers said investors were likely to buy below that price in the range of $1.5 trillion to 1.8 trillion. Estimates after the ITF announcement varied wildly from around $1.2 to $2.3 trillion.
Accepting a lower price suggests that the prince has decided to “put getting the deal done above being proved right” about the valuation, a rare compromise for the heir apparent whose rise to power has been marked by a decisive drive to achieve the goals of an ambitious economic and social reform programme known as “Vision 2030.”
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