Riyadh: Saudi Aramco met investors in Dubai ay to market its initial public offering (IPO), after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to $25.6 billion, which relies heavily on local and regional buyers.
Top executives of the Saudi state-owned oil giant, including Aramco’s Chief Executive Amin Nasser, met officials of Kuwait’s sovereign wealth fund weeks ago.
Meanwhile, Aramco’s management including its finance head and advisers met with institutional investors at an IPO roadshow in Dubai on Sunday, the second outside Riyadh after the company decided to cancel all roadshows in developed markets. Another roadshow is planned in Abu Dhabi on Monday.
In late October, the KIA’s managing director Farouk Bastaki said Aramco had not approached the fund then, but that the KIA would look at the IPO like any other investment.
Talks have taken place with sovereign investors including the Abu Dhabi Investment Authority, Singapore’s GIC and other funds.
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