Saudi Aramco IPO to Have Lower Valuation - Bloomberg:
Saudi Arabia will compromise on valuation to ensure the initial public offering of Aramco is a success.
The Kingdom is ready to accept less than the $2 trillion Crown Prince Mohammed bin Salman has long insisted the state oil giant is worth. Bankers will instead target a valuation of $1.6 trillion to $1.8 trillion after the record share sale was given the green light by Prince Mohammed on Friday, according to people briefed on the matter.
The willingness to accept a lower valuation shows the prince has put getting the deal done above being proved right on his $2 trillion estimate. The IPO -- a centerpiece of the Vision 2020 plan to transform the Saudi economy -- is still likely to set records, outstripping the $25 billion by Alibaba Group Holding Ltd. in 2015.
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