Targeting a $2 trillion valuation, Aramco readies IPO plan for October

September 26, 2019/in /by Rudolf Huber

This whole “truth-seeking” exercise will be an eye-opener for Saudi Aramco as well. The company has never functioned along the lines of a public company, not even as a normal private company. It’s a huge bureaucratic monster where everyone has an incentive to pretty up the numbers from the desk clerk to the CEO. And this has been going on since its inception while the royal house put its muck on top. I simply don’t believe any reserve, cost and recovery numbers from SA. Especially the numbers swirling around the cost of EOR. So, the really interesting question is: Will the world tak it on faith or will they ask hard questions before handing over the cash?

The state-run company plans to announce its intention to float around Oct. 20, according to people with knowledge of the matter. The firm, which is holding analyst meetings from Wednesday, is targeting a valuation of…

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