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Saudi Aramco signals fresh momentum behind IPO plans


 Significance
 Reports last month that Aramco had selected Lazard for a contract to work as adviser on the IPO breathed new life into a deal that has been marking time since mid-2018. Prospective investors have also been encouraged by Aramco’s recent announcement of interim results, marking a further development in public disclosure following the successful 12-billion-dollar bond issue in April. The original plan was to offer a 5% stake to generate 100 billion dollars for the Public Investment Fund (PIF), based on a 2-trillion-dollar valuation. 
 
 
 Impacts
 The new advisory team may recommend modifying the planned IPO terms, especially given Aramco’s acquisition of 70% of SABIC.
 The IPO will give Aramco an opportunity to elaborate further its long-term strategy to adapt to the global shift away from fossil fuels.
 A listing of Aramco’s shares would boost Saudi market capitalisation and attract additional investment inflows.
 The interests of new minority shareholders and the dominant state shareholder could diverge, including over dividend policy.
