Saudi Aramco Confirms IPO will List “Very Soon”

The world’s largest oil company is coming to the market.

According to President and CEO Amin Nasser, it will happen “very soon.”

“What we have always said is that Aramco is ready for listing whenever the shareholders make a decision to list,” he said, as quoted by CNBC.  “And as you heard from His Royal Highness Prince Abdulaziz yesterday, it is going to be very soon. So, we are ready — that is the bottom line.”

He also confirmed that while the IPO will list locally with him, they’re ready to list outside.  “We are ready to list wherever shareholders decide,” he added.

In addition, according to Bloomberg, banks will also be chosen “soon.”

In fact, the company is expected to choose four or five banks to lead the IPO marketing as joint global coordinators, while a larger number will work on the deal in more junior capacities, as reported by Bloomberg.  

However, as pointed out by Reuters, JPMorgan, Morgan Stanley, and National Commercial Bank are expected to have lead roles and Citi, Goldman Sachs, HSBC, and Samba Financial Bank could be added to the list of banks managing the transaction.

While the Saudi Aramco IPO hasn’t hit just yet, we wouldn’t be surprised if investors traded the excitement with the First Trust U.S. Equity Opportunities ETF (FPX). 

Some investors view this as one of the safest ways to trade an IPO.  

That’s because even with some of the most obnoxious IPO failures, the ETF managed to run from a 2009 low of around $11 to a recent high of $78.