Saudi Aramco restarts talks on new stock offering | Oil and Gas News

The fresh share sale could raise more money than Aramco’s landmark 2019 initial public offering listing.

Saudi Aramco has started preliminary discussions on a fresh stock offering that could raise more money than its landmark listing, people familiar with the matter said.

The company has held talks with advisers on the potential share sale that may bring in more than the $29.4 billion Aramco raised from its 2019 IPO, the people said, declining to be named as the matter is private. No timetable has been set for a sale, they said.

The talks come amid a rally in oil that’s pushed prices to a seven-year high. Dow Jones reported earlier that Aramco may sell as much as a $50 billion stake, or 2.5% of the company at current prices.

Aramco and the Saudi government’s Centre for International Communications didn’t immediately respond to requests for comment.