Saudi Aramco’s world-beating initial public offering is a watershed moment for a business that’s bankrolled the kingdom and its rulers for decades. The world’s largest public company will now trade in Riyadh and not New York. Less clear is how far it will help overhaul the economy of the world’s biggest oil exporter. Saudi Arabia pulled out all the stops to ensure the IPO got done, surprising the oil market Friday with deeper production cuts. It could raise the IPO proceeds to $29.4 billion.

Source: Los Angeles Times December 06, 2019 23:26 UTC