September 26, 2019 (Riyadh)
According to an article published on VCCiRCLE, sources have stated that Saudi Aramco has approached a number of sovereign wealth funds based in the Gulf and Asia to invest in the domestic leg of the oil giant’s listing as it seeks to achieve a $2 trillion valuation. Those approached included the United Arab Emirates’ Abu Dhabi Investment Authority (ADIA) and Mubadala, Singapore’s GIC, and Bahrain’s Mumtalakat. The article went on to note that to achieve the $2 trillion valuation, Saudi Aramco needs the initial listing of a 1% stake on the Saudi market to raise at least $20 billion, and over $25 billion to beat the record for the world’s largest IPO, currently held by Alibaba.
Read the original article on VCCiRCLE: Saudi Aramco lures sovereign funds GIC, ADIA to hit $2 trillion IPO valuation