Anyone interested in Saudi Aramco IPO?

I just have a phobia in cyclical industries.

I usually lose money because I just don't work in the industries, I have no sensing on the demand and supply.

Not saying that you can't make money from oil and gas, but end of the day, ask if this is within your circle of competence.

If no, then stay off :)

Having used to work in Oil and Gas, I'm more interested in how in pans out, rather than directly investing in it.

The valuations were astronomical when the figures first appeared, and it's more than the valuation of the six oil supermajors put together if I recall; sure, collectively the supermajors account for less than Aramco's production, so in theory Aramco should be worth more, but this much more? Remember that the supermajors have physical assets worth a lot more than Aramco, since they do deep sea Oil extraction, those projects filled with billions worth of equipment. Aramco's assets are all on shore, and anyone from Oil and Gas will tell you that subsea equipment is far more expensive to produce than surface, but also has an incredibly long lifespan to boot. So will Aramco have a lot of capital expenditure on maintaining and replacing equipment?

I'll be interested in how Aramco's numbers pan out. Will it be a WeWork, or a Regus? (One's actually profitable. The other isn't) OPEC member countries have been accused before of fudging the numbers, so does Aramco really have that much more oil left in their reserves?

And lastly, as Kelvin has pointed out, Oil, being a commodity, goes through cycles. I saw the bottom in 2008, the peak in 2014, and the bottom again in 2016. It gets really nasty at the bottom, so their revenue can take a massive nose dive if that happens. In my previous company, the stock price dropped more than 60% from '14 to '16. That should give you an idea of the scale of things.