Saudi Arabia‘s crown prince Mohammed bin Salman finally gave the green light to the initial public offering of state oil giant Aramco.
According to sources, Saudi Aramco officials and advisers have held last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation before its expected launch.
According to the banks and company insiders, Aramco’s value is closer to $1.5 trillion, although Crown Prince Mohammed put a $2 trillion valuation on the company in early 2016.
Riyadh is looking to raise at least $20 billion-$40 billion by listing a stake of 1 percent -2 percent stake on the Saudi stock market.
Aramco will become the biggest IPO in the world if the deal exceeds $25 Billion.
The plan of the crown prince to shake up the Saudi economy, but there have been delays since its announcement in 2016.
The sources have previously said that the state-owned oil major has also approached governments in the Gulf and Asia, including China, to try to secure the bulk of the investment from countries on friendly terms with Saudi Arabia.