Tuesday, January 28, 2020
Martin Hennecke

Aramco's IPO chase in restart
Oil giant Saudi Aramco will list domestically, but big players around the world aim to capture business. Banks to help with the initial public offer will be chosen soon, chief executive officer Amin Nasser said. And confirmation of the underwriters will signal the sale is finally moving after plans went on hold last year. Saudi Arabian Oil, as the giant is formally known, is to choose four or five banks to lead the IPO marketing as joint global coordinators, while more will work in lesser ways. While the main exchange for shares will be in Saudi Arabia, representatives of bourses in Hong Kong, London and New York have been pitching for the IPO's foreign portion. For Aramco, a high valuation at home can raise the bar for foreign investment. That is crucial to fund an ambitious economic agenda. In other IPO-linked action, SoftBank Group, the biggest outside shareholder in We Co, is urging the WeWork owner to shelve an IPO on concerns about the valuation it can achieve in a listing, the Financial Times said. Times Neighborhood, the property management unit of Hong Kong-listed Chinese developer Times China, has filed for an IPO in the SAR. And Chinese media production firm Cathay Media Group has also filed for a Hong Kong IPO.
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