After Aramco’s IPO: Taps open for Saudi listings

'Aramco has demonstrated the full power of the Saudi market'


Reuters February 05, 2020
PHOTO: REUTERS

DUBAI/ RIYADH: Several Saudi Arabian companies are planning to list shares on the Riyadh exchange in coming months in the wake of oil giant Aramco’s record IPO.

Saudi Aramco raised $29.4 billion by listing about a 1.7% stake on the Tadawul in December, prompting concerns from some analysts that it would drain liquidity from the market.

But the Tadawul’s average turnover over the past month, excluding Aramco, has stayed above the average turnover for 2019.

“Aramco has demonstrated the full power of the Saudi market,” said Mohammed Ali Yasin, Chief Strategy Officer at Al Dhabi Capital Ltd in Abu Dhabi.

The Sulaiman al-Habib Medical Group, one of the Middle East’s biggest hospital operators, is among the first companies to seek a Riyadh listing after Aramco, having delayed the deal due to the state oil company’s IPO.

Published in The Express Tribune, February 5th, 2020.

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