Saudi Aramco execs go on the road to promote share sale
The move is a departure from Aramco's IPO held five years ago, which was marketed primarily to the home crowd.
Saudi Aramco President and CEO Amin Nasser speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024. (Photo: Getty Images)
Saudi Aramco executives are traveling this week to recruit international investors for the oil company’s $12 billion secondary offering, a departure from its IPO held five years ago that was marketed primarily to the home crowd.
Aramco CEO Amin Nasser and CFO Ziad Al Murshed will be attending roadshow events in London while others are planning to join presentations in New York, Bloomberg reports.
Institutional investors can submit orders until June 6 for the $1.8 trillion company’s share sale that began the booking process on Sunday and was oversubscribed within hours.
Before Aramco’s $29.4 billion IPO in 2019, overseas investors showed limited interest, leaving the government reliant on local buyers.
The kingdom scrapped a roadshow event in London and decided against presentations in the U.S. and Japan, choosing instead to focus on its enthusiastic domestic audience, who made the IPO the largest in history.