all results in the best financial performance that any investors whether debt or equity would look for when evaluating a company aldabbagh said the company is ready for an ipo he said reiterating that the decision on when to go ahead and on which exchange rests with the governmentsaudi arabia wants to raise a record 100 billion from selling a 5 stake in aramco which would make it the biggest ipo in history and a windfall for any banks that win a role the kingdom has valued the company at a whopping 2 trillion though the firms 2018 financials indicated a valuation closer to 12 trillionacquisition planssaudi arabia announced plans for an aramco ipo three years ago but the sale was delayed to allow the company to acquire chemicals giant saudi basic industries corp aramco sold bonds to buy a 70 stake in sabic from the kingdoms sovereign wealth fund and it showed on monday thats its not yet done with acquisitionsaramco plans to buy a stake in the refining and chemicals business of reliance industries ltd as it seeks buyers for its crude and diversification downstreamaramco will acquire a 20 stake in the companys oiltochemicals business including the 124 millionbarreladay jamnagar refining complex on indias west coast reliance chairman mukesh ambani said in mumbai reliance values its oiltochemicals division at 75 billion including debt implying a 15 billion valuation for the stake aramco has a longrunning policy of expanding in major consumer markets in downstream to secure its crude market share said okan akin a credit analyst at alliancebernstein ltd in london this deal would also make a lot of geopolitical sense for the saudis as it will likely allow them to overtake iran as the main crude supplier to indiathe deal comes amid ambitious plans by saudi crown prince mohammed bin salman who runs the country daytoday to move the economy away from its reliance on oil sales saudi arabia is getting a makeover under the prince who assumed his de facto leadership in 2017 vowing to steer the kingdom from its neartotal dependence on crude by masterminding reforms known as vision 2030