Saudi Arabia renews push for $2 trillion Saudi Aramco valuation
Saudi Arabia is making a last-ditch attempt to persuade its institutions and wealthiest families to buy shares in Saudi Aramco after it floats on Wednesday as Crown Prince Mohammed bin Salman refuses to give up on his $2 trillion valuation.
“They’ve been told that it is their duty, and everyone understands what that means” said one adviser to local wealthy families. “This is another Ritz, through different means” said another banker working on the deal.
Prince Abdulaziz bin Salman, the kingdom’s energy minister and Prince Mohammed’s half brother, criticised the IPO’s sceptics last week. They could, he added, “bet” that the shares would rise to a level that values Saudi Aramco at more than $2tn.
One of the people said: “With enough arm-twisting, the government should be able to reach that level.”