Deutsche Bank says ‘no reason to doubt’ Saudi Aramco IPO is on track for 2018

The absence of Jamie Dimon from Saudi Arabia’s Future Investment Summit should not be seen as a signal that Saudi Aramco’s upcoming initial public offering (IPO) is in some kind of trouble, the chief executive for the Middle East and Africa at Deutsche Bank told CNBC on Tuesday.

Saudi Aramco, the world’s largest oil company, plans to list its shares on the Saudi domestic stock market — the Tadawul — and one or more foreign exchanges in the second half of 2018. However, JPMorgan boss, Jamie Dimon, was notable in his absence from Riyadh’s so-called “Davos in the desert” event this week.

When asked whether it should worry investors that a major CEO from one of the lead underwriters for the Saudi Aramco’s IPO was missing from the conference in Riyadh Tuesday, Deutsche Bank’s Jamal Al Kishi said: “I think that interpreting that as a sign that the process is derailed or in some kind of trouble is probably a bridge too far in my view.”

Reportedly, Saudi Aramco has appointed JPMorgan Chase, Morgan Stanley and HSBC to assist with its mammoth IPO next year.

On Monday, Saudi Aramco’s chief executive Amin Nasser told CNBC the plan to take a portion of the oil giant’s business public in 2018 remained on track.

Al Kishi said there would be “no reason to doubt” Nasser’s comments, before adding, “If there were complications, those will be dealt with and that’s natural for a company the size of Saudi Aramco.”

Source: CNBC