Saudi Aramco is again searching for ways to raise money in an IPO. Saudi Arabia’s energy minister says the long-delayed IPO will take place in 2021. The Kingdom released the results of an independent audit of their oil reserves last week, showing they control 260 billion barrels in oil reserves. Since the inception of Aramco’s IPO idea, the plans have been critiqued for not being transparent enough. Experts suggest these metrics are a first step to revealing enough about the company to potential investors.
Two health sciences corporations filed prospectuses on Thursday, despite the government shutdown. Cirius Therapeutics and Kaleido Biosciences are planning to raise $86 million and $100 million, respectively, on the public markets early this year. Also, Slack, the workplace communication platform, will pursue a direct listing, just like Spotify, when it goes public next quarter. In a direct listing, a company circumvents the traditional underwriting process by allowing the open markets to play a larger role in setting the equity price.