World’s most profitable company missed all three of its IPO goals and shares have not yet started trading
By all the main advertised yardsticks of success, the flotation of Saudi Aramco can be called a failure even before the shares have started trading.
Once upon a time, the word’s most profitable company was going to be worth $2tn (£1.5tn), the number coveted by the Saudi Arabian crown prince, Mohammed bin Salman. That’s not happening. The official price range for the initial public offering (IPO) was set at the weekend at $1.6tn to $1.7tn.