Aramco seeks $1.7 Tn valuation in largest IPO in history

[Recursion]

Last edited Sun Nov 17, 2019, 06:50 AM - Edit history (1)

https://www.bloomberg.com/news/articles/2019-11-17/aramco-seeks-1-71-trillion-valuation-in-world-s-biggest-ipo

Saudi Arabia put a preliminary valuation on its state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion, short of the $2 trillion target set by Crown Prince Mohammed bin Salman in 2016.

Aramco will mainly rely on local demand -- one third of the offering is reserved for Saudi retail investors -- and it pulled plans to market the deal in the U.S. There was also no mention of cornerstone investors in the updated prospectus.

The company is seeking to raise between $24 billion and $25.6 billion by selling a 1.5% stake, putting it close to Alibaba Group Holding Ltd.’s $25 billion deal -- currently the world’s largest IPO.

Welp. Looks like BP and Shell were right: global peak oil demand was 2018, and the House of Saud knows it. So they're trying to pump and dump here...

[crickets]

1. ...and the petrodollar? K&R for visibility

[trof]

2. Used to fly passenger charters for the old Aramco back in the early 80s.

TWA 707 in an all first class configuration.
I think U.S. employees were 2 months in Jiddah and one month back in the states.
They were paid very very well.
I don't think anybody got off the plane entirely sober.
There was a crap game on the floor of the aft galley all the way from JFK to Jiddah.
Them wuz the days.

[Initech]

3. Fuck Saudi Arabia.