Saudi Arabia is reportedly trying to get the Kingdom's billionaires to buy stock in Aramco's mega-IPO
AP Photo/Majdi Mohammed, File
- Saudi Arabia is trying to get the country's wealthiest citizens to buy stock in Aramco's upcoming IPO, according to Bloomberg.
- The group reportedly includes the likes of the billionaire Olayan family, which is considering the purchase of several hundred million dollars of stock.
- Aramco's IPO is expected to be the biggest in history, with Saudi officials seeking a valuation of $2 trillion, although bank estimates have come in lower.
- The oil giant is due to go public on December 11.
- View Business Insider's homepage for more stories.
Saudi Arabia is trying to get the country's wealthiest citizens to buy stock in Aramco's upcoming IPO, according to Bloomberg.The Saudis are currently negotiating with the nation's wealthiest citizens for the purchase of large amounts of Aramco stock. The group reportedly includes the likes of the billionaire Olayan family, which is considering the purchase of several hundred million dollars worth of shares.Advertisement
The Olayan family currently owns a major stake in the European bank Credit Suisse, while a family member also sits on the Morgan Stanley's board, according to Bloomberg.
Aramco's IPO is expected to be huge, with Saudi officials seeking a valuation of $2 trillion. That would make it by far the most valuable company in the world. It's already being the most profitable.So far, though, estimates from banks are coming in lower than that $2 trillion figure. They've been closer to $1.5 trillion, with Bank of America's low estimate at $1.2 trillion.
Saudi billionaire Prince Alwaleed bin Talal is also one of the names being mentioned. He has holdings in Citi and Twitter, according to Bloomberg.Bloomberg noted that there is little certainty on whether the kingdom's ultra-wealthy will invest in Aramco, despite the Kingdom's push. Aramco declined to comment to Bloomberg, while Olayan and Alwaleed's public company Kingdom Holding didn't respond to comment at the time. Advertisement
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