< Arab Finance - News - Saudi Aramco eyes IPO of trading arm
Count Down to relaunch



Saudi Aramco eyes IPO of trading arm

Saudi Aramco eyes IPO of trading arm

Arab Finance: Saudi Aramco is mulling over an initial public offering (IPO) of its arm Aramco Trading Co, which could potentially raise over $30 billion and become the world’s largest IPO in 2022, sources familiar with the matter told Bloomberg on May 17th.

The state-owned oil giant is jointly studying the potential IPO with a group of leading banks, including Goldsman Sachs Group, JPMorgan Chase and Co, and Morgan Stanley, the sources highlighted.

The group is considering this potential listing to benefit from the booming oil prices amid the ongoing global situation, they said.

The sources also pointed out that the group could sell a 30% stake in the division.

Aramco recently reported its net income has jumped by 82% year-on-year (YoY) to $39.5 billion in the first quarter (Q1) of 2022 from $21.7 billion Q1 2021.

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
13.66
Change
-01.09
Hold

All rights reserved to Arab Finance 2020 ©

Back to top