Schadenfreude Alert!!!!

It appears The House of Saud’s IPO for Aramco is going about as well as WeWork’s:

Some of the world’s top investment bankers gathered at a Riyadh palace on Saturday to deliver their final recommendations on a project that had consumed the government of Saudi Arabia for the past few years: the initial public offering of Saudi Aramco.

The financiers were there to meet Yasir al-Rumayyan, the state oil company’s chairman and the head of the country’s sovereign wealth fund, along with cabinet ministers and the company’s leadership.

Their message would disappoint the hosts: international investors were unwilling to buy shares in Saudi Aramco anywhere near the $2tn valuation long sought by the kingdom’s powerful Crown Prince Mohammed bin Salman. No amount of sweeteners — from promises of higher dividends to bonus shares for local retail investors — had managed to change that reality.

It could not happen to evern

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