'A colossal offering': Aramco, the world's most profitable company, to go public
At a valuation of $US1.5 trillion , Aramco would still be worth at least 50 per cent more than the world's most valuable companies, Microsoft and Apple, which each have a market capitalisation of about $1.4 trillion.
Just a few years ago, Mohammed bin Salman was relatively unknown. Now, he's one of Saudi Arabia's most powerful men.A sale of 2 per cent of Aramco shares at a $2.2 trillion valuation would make it the biggest IPO of all time, beating Alibaba's. Aramco said the IPO timetable was delayed because it began a process to acquire a 70 per cent stake in petrochemicals maker Saudi Basic Industries.
Crown Prince Mohammed bin Salman has embarked on reforms that some Saudis say haven't gone far enough.
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