Saudi Arabia taps banks for new Aramco share sale
- Date: 09-Feb-2024
- Source: AGBI
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Arabia taps banks for new Aramco share sale
Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion. Bloomberg and Reuters reported that the kingdom is in talks with several banks as it […]
Aramco share sale upcoming
Potential value of $20bn
Several banks being considered
Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion.
Bloomberg and Reuters reported that the kingdom is in talks with several banks as it aims to get advisers on board for the upcoming initial public offering.
A source told Bloomberg the IPO could take place in the coming weeks, while Reuters reported it was more likely to be in the second or third quarter of this year.
SLB still confident in Middle East despite Aramco hit
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No final decision on the size of the IPO has been made.
Some Wall Street banks were involved in Aramco’s