Saudi Arabia’s Aramco meets its $2 trillion IPO valuation but a debate continues around the extent to which it was contrived
mark. It must have been a moment of joy for Crown Prince Mohammed bin Salman, who has been at odds with Western financial advisors holding the view that he was demanding too much for the oil giant.
Unlike its original intention, Aramco dropped plans to aggressively sell the shares to Western investors. Just days before the IPO, it cancelled planned roadshows in London and elsewhere and began cajoling local and regional institutional investors. Saudi Arabia's Crown Prince Mohammed bin Salman might not have achieved what he was hoping for from the Saudi Aramco IPO.
MBS wants to use the proceeds from Aramco share sales to fund projects under his Vision 2030 programme, which is aimed at weaning Saudi Arabia away from oil. “In one sense it’s moving money from one part of the system to another. Ultimately all roads go back to the MBS.”
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