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Bloomberg
Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said.
Aramco, the world’s most profitable company, held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on the IPO may pick up speed later this year or early next year, the people said, asking not to be identified because the information is private. The IPO project was first announced in 2016 as the cornerstone of the Vision 2030 plan to modernise Saudi economy, with a target of listing in the second half of 2018. The kingdom wants to raise a record $100 billion from selling a 5 percent stake in Aramco, which would make it the biggest IPO in history and a windfall for any banks that win a role.