It turns out Saudi Aramco won’t be going public after all, or Tesla going private.
Not any time soon, at least.
The twin failures of what would have been the biggest IPO in history and what could have been one of the most controversial buyouts of a public company highlight the risks to Wall Street bankers when they try to cash in on audacious deal plans by headstrong leaders.
There were plenty of reasons for the abandonment of the potential deals, but a refusal to take advice on core issues of valuation was central to each embarrassing climb down.
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