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Aramco sees nearly enough early orders to pull off IPO

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A billboard displays an advert for Saudi Aramco in the streets of Riyadh, Saudi Arabia.

[DUBAI] Saudi Aramco's bankers are voicing confidence there's enough investor interest to pull off the reduced initial public offering that the state oil giant launched this week, people with knowledge of the matter said.

The IPO arrangers are indicating in private discussions that they already have nearly enough orders from the first three days of marketing to cover the institutional portion of the deal, according to the people.

The precise amount of real demand will only become clear later once underwriters compare the orders they've received, the people said, asking not to be identified because the information is confidential.

A representative for the company, officially known as Saudi Arabian Oil Co, didn't immediately respond to emailed queries.

BLOOMBERG

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