Aramco IPO Valuation 'a Little Lofty,' Tortoise's Thummel Says
Saudi Aramco will probably soon exceed the US$2 trillion valuation targeted by Crown Prince Mohammed bin Salman, his half-brother and Energy Minister Prince Abdulaziz bin Salman said.
Prince Abdulaziz said the successful IPO was the proudest day of his career so far and the successful float had proved many critics of deal wrong.
The state-owned oil giant set the final price of its shares at 32 riyals (US$8.53), valuing the world’s most profitable company at US$1.7 trillion. It received total bids of US$119 billion.
The Crown Prince has long insisted on a US$2 trillion valuation, but international investors balked, saying that mis-priced Aramco versus other large oil companies.
Saudi Arabia decided to proceed with an offering to local and regional investors, described by Prince Abdulaziz today as “family and friends.”
He spoke at the closing press conference of the OPEC+ meeting in Vienna.