Saudi Aramco plans to float ATC in IPO by year-end or early 2023: report

19/10/2022 Argaam
Logo of Aramco Trading

Logo of Aramco Trading


Saudi Aramco plans an initial public offering (IPO) of its energy-trading business, Aramco Trading Co. (ATC) in what could rank among the world’s biggest offerings, Bloomberg reported today, Oct. 19, citing sources familiar with the matter.

 

The oil giant is working with its advisers for a listing by the end of the year or early 2023.

 

The value of the unit could reach more than $30 billion (or SAR 112.5 billion), the people said.

 

Aramco is in the process of adding more banks to the IPO. In a previous report last month, Bloomberg said that the world’s largest oil producer hired JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley to advise on the planned sale.

 

ATC is the trading arm of Saudi Aramco. The Dhahran-based unit was established in 2011, Argaam earlier reported.

 

Last June, Reuters reported that Saudi Aramco was planning to merge two energy trading units, with ATC likely to absorb Motiva Trading ahead of a potential IPO.

 

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.