Saudi Arabia taps banks for new Aramco share sale

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

Appetite high for Aramco’s $10bn second listing

Fitch affirms Saudi rating on its robust balance sheet

No final decision on the size of the IPO has been made.

Some Wall Street banks were involved in Aramco’s