For the first time in months, we have word about the Aramco IPO, directly from the mouth of Crown Prince Mohammed bin Salman. But does he really need an IPO anymore?
that the IPO is “on track.” The young and anxious prince just gave the most details about IPO plans in more than 6 months.
Back in 2016 and 2017, Mohammed bin Salman’s PIF needed cash as it sought to invest in trendy startups, as well as Saudi projects like recreation concepts, real estate and planned mega-cities. An Aramco IPO was supposed to provide that cash. But new developments indicate that perhaps an Aramco IPO is no longer a serious endeavor, most likely because the PIF may not even need the cash right now.
There are still good reasons to take Aramco public, but they don’t offer any special benefits to prince Mohammed or his father, the king. For one, Aramco’s new charter allows the company to grant shares to its employees. If it did this and then went public, it could be a huge bonus for employees and a potential incentive to retain talent. This would also function like a kind of post-IPO domestic stimulus for the Saudi economy, as it would infuse capital into Saudi Arabia’s private sector.
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