I came across this interesting work-in-process IPO a few weeks ago. Saudi Aramco is one of world’s most valuable companies based in Dhahran. Its value is estimated somewhere between US$1.5 trillion and US$10 trillion. It is said that JP Morgan Chase & Co, Morgan Stanley and HSBC will be the underwriters to this IPO. It is eyeing on listing on New York, London and Toronto as for now. I won’t be surprised if they add another listing somewhere in Asia since the Saudi government is really interested in getting more Chinese investors involved. A lot of i-banks have their eyes on this super profitable opportunity. If anyone could even get into an advisory role of a piece of the pie, its potential financial gain would be huge. The company itself is closely related to Saudi government, moreover, economically it also contributes a lot to public sectors in the country, therefore the complexity of restructuring is huge. There are still a lot of work need to be done before it can go public. I would say we have to wait until at least the end of 2018 or sometime in 2019 to see it happening. This is definitely going to be the biggest IPO to date when everything is said and done. We will keep an eye on any updates in the future.