Saudi Aramco IPO focuses on domestic investors amid challenging market conditions

By Beatrice Bedeschi – The Initial Public Offering (IPO) of Saudi Arabia’s state oil company Saudi Aramco has seen a refocus on domestic investors after what was expected to be the largest IPO on history saw a reduction in valuation amid challenging market conditions.

On 17 November, Saudi Aramco said it was looking to sell 1.5 per cent of the company’s stock, or about three billion shares, on the country’s Tadawul exchange at an indicative price of 30-32 riyals, putting it at a maximum valuation of USD1.7 trillion, and below the value of USD2 trillion previously set by Riyadh, according to media reports.

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