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Wider industry downturn affects Aramco’s valuation – Minister

Wider industry downturn affects Aramco’s valuation – Minister
Aramco’s IPO raised $25.6 billion

Riyadh – Mubasher: Aramco is worth more than $1.7 trillion, but the company has fallen victim of a wider industry downturn, Saudi Arabian energy minister Prince Abdulaziz bin Salman said during an interview with Reuters.

However, as Aramco’s shares are floating, it would achieve very positive performance which would prove that Saudis were not wrong about the company’s real worth, Abdulaziz noted.

Aramco’s IPO raised $25.6 billion, making it the world biggest IPO. The offering of 1.5% in the giant oil company is aimed at diversifying the kingdom’s economy and create local jobs.

“I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs,” Abdulaziz remarked.  

Saudi and regional investments took the lion’s share of the IPO while listing on international markets is shelved.