Saudi Aramco meets investors in last-minute bid to hit $2T IPO goal!

• Crown Prince Mohammed bin Salman expected to give green light on Sunday.

Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation as possible ahead of an expected listing launch on Sunday, according to three sources.

The Aramco officials and advisers are meeting institutional investors around the world, said the three people familiar with the matter. Chief executive Amin Nasser has been meeting investors in New York and London this week, they added.
A final meeting by the government to decide whether to go ahead should take place later on Friday, one of the sources said.

The main sticking point remains the $2 trillion valuation, according to the three people. A valuation closer to $1.5 trillion is more likely, with wealthy Saudi families the main investors in the IPO, they said.

Saudi Aramco did not immediately respond to a request for comment on Friday, the start of the weekend in Saudi Arabia.

"Aramco's officials and advisers are still on the road," said one of the sources, a major institutional investor.

Saudi Arabia is separately still holding government-to-government meetings to attract investment from sovereign wealth funds, the investor added.

The state-owned oil major has also approached governments in the Gulf and Asia, including China, to try and secure the bulk of the investment from countries on friendly terms with Saudi Arabia, sources have previously said.

The listing is the centrepiece of Crown Prince Mohammed bin Salman's plan to shake up the Saudi economy and diversify away from oil.