The previously fully nationalized Saudi oil giant Aramco announced its IPO in early November. The crown prince Mohammad Bin Salman wanted a hefty price of $2 trillion, but the actual amount ended up totaling $1.6 trillion.
While that is no pittance, the prestige of that large sum will not materialize for the crown prince. The company also hoped to attract many international investors, integrating Aramco further into global portfolios.
Rather, it has been significantly scaled back and is focusing its marketing on regional actors. Finally, there was the original goal of getting Aramco listed on the international stock markets that resulted in contracts with many major western investment banks.
Unsurprisingly, it remains listed only on the local Tadawul market.
This lukewarm reaction begs an examination of the surrounding international conditions. Whether a response to the highly publicized murder of journalist Jamal Khashoggi, a concern about the management of the company itself or a general worry about the physical safety of the infrastructure, it is obvious that the west has given its verdict.
Read more about the Saudi Aramco flotation here.