Aramco chooses local deal over international book
The IPO of Saudi Aramco will be a local affair after international investors made clear that they wanted a greater concession for the oil giant than the Saudi Arabia was willing to give.
Saudi Aramco will sell shares between Sr30 ($8) and Sr32, which corresponds to a valuation between $1.6tr and $1.7tr. The issuer will embark on a regional rather than global roadshow,International fund managers had sought a lower valuation for Saudi Arabia’s prime asset. GlobalCapital understands that a number of large ...
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