Saudi energy giant Aramco is “pushing ahead with plans” for an initial public offering (IPO), Bloomberg reported.
The energy-trading business IPO could rank as one of the largest share sales this year, sources told Bloomberg.
The world’s biggest producer of oil, which pumps around 11 million barrels of crude every day, is valued at $2.09 trillion. The state-backed oil company, which is also the world’s largest is reportedly working with its advisers for a listing in Riyadh in 2023, either during the start of the year or by the end of the year.
“Aramco is currently in the process of adding more banks to the IPO, which could value the unit at more than $30 billion, the people said.”
In May, the company already appointed three Wall Street banks as main advisers.
“No final decisions have been made and the IPO could be delayed or canceled if market conditions worsen,” the people told Bloomberg.
Aramco declined to comment on the same.
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