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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 216.15
Bid: 180.40
Ask: 224.10
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UPDATE 2-Saudi Aramco hires UBS, Deutsche as bookrunners for its IPO-sources

Sat, 21st Sep 2019 12:13

(Adds Barclays and BNP Paribas as bookrunners)

By Clara Denina , Saeed Azhar and Hadeel Al Sayegh

LONDON/DUBAI, Sept 21 (Reuters) - Saudi state oil company
Aramco has hired UBS Group and Deutsche as
bookrunners for its initial public offering, two sources
familiar with the matter said, in a sign that the deal is moving
ahead despite a recent attack on Saudi oil facilities.

Aramco has started informing banks about the bookrunners'
roles, one of the sources said.

Aramco finalised nine banks for top roles as global
coordinators in recent weeks, Reuters has reported. More banks
are expected to be named in junior roles, the sources
said.

Aramco has also added Barclays Plc and BNP Paribas
SA as bookrunners, Bloomberg reported https://bloom.bg/2kxFZoW,
citing people familiar with the matter.

Doubts had emerged about the timeline of the potentially $20
billion domestic leg of the IPO among investors after last
Saturday's attacks on two sites that usually process and clean
up about 5.7 million barrels per day.

Aramco has that by the end of September it will resume full
crude output at Abqaiq and Khurais, the two oil facilities
damaged by attacks last weekend that U.S. officials have blamed
on Iran.

Aramco's planned meeting with analysts, ahead of the
expected IPO in late November, is also scheduled for early next
week, two other sources said.

Aramco was not immediately available to comment.

Deutsche Bank declined to comment and UBS did not respond to
a Reuters request for comment over the weekend.

Aramco's Riyadh listing is the first step towards an
eventual sale of up to 5%, sources have told Reuters, with
another 1% expected to be sold domestically next year, followed
by an international listing.

Initial hopes for a blockbuster international listing were
dashed when the share sale was halted last year amid a debate
over an overseas venue and valuation.

Aramco had said the delay was due to its deal to acquire a
70% stake in petrochemicals maker Saudi Basic Industries Corp
.

Although Crown Prince Mohammed put a $2 trillion valuation
on the company in early 2016, bankers and company insiders say
Aramco's value is closer to $1.5 trillion.
(Reporting by Clara Denina, Saeed Azhar and Hadeel Al Sayegh;
additional reporting by Sylvia Westall, Abhnav Ramnarayan,
Alexander Cornwell, Davide Barbuscia in Dubai, Abhnav Ramnarayan
in London and Sabahatjahan Contractor in Bengaluru and; Editing
by Giles Elgood and Deepa Babington)

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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