Saudi Arabia Cashes Out
Saudi Arabia cashes out. Hello Nigeria and NNPC? As I wrote the day Atiku, former presidential aspirant, promised that he would privatize NNPC, if elected president, that his game was over, Nigeria will be at a junction. Yes, only the Crown Prince would privatize Saudi Aramco because he technically “controls” the stock market in Saudi Arabia.
Saudi Arabia has set a record initial public offering in history, pulling off a $25.6 billion sales in shares of its $1.7 trillion valued state owned oil.
A total of 3 billion shares were sold at 32 riyals ($8.53) each in its IPO, making it the biggest in history. Alibaba was holding the record since 2014 when it raised $25 billion in its IPO.
But no matter how you see it, Saudi has $25 billion to invest on its people. It makes sense provided the listing is in their home market, not London or New York. It becomes risky when you list outside Saudi Arabia.
