Saudi’s strategic needs may trump $2tr urge for Aramco

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By Sam Kerr
06 Nov 2019

Saudi Arabia is gathering feedback on how investors see the value of its unique oil company, Aramco, through an army of investment banks. It will have to choose between two priorities: pushing for the crown prince's cherished $2tr valuation or the potentially bigger prize of attracting a wide range of international investors, writes Sam Kerr.

Two weeks of investor education for the deal began on Sunday November 3, through nine global co-ordinators and 16 other bookrunners.

In principle, at this stage in an IPO the company and banks do not state what valuation they are looking for, but ask investors what they think. Usually, ...

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