Oil giant Saudi Aramco is readying what's set to be the biggest initial public offering ever. But as it turns out, investors might not be all that interested.
In fact, fund managers told CNBC that the Saudi energy behemoth — the valuation of which has seen estimates from $1 trillion to $2 trillion — comes up short for all three basic tests investors apply to potential IPO investments: growth, an attractive dividend and solid corporate governance.
Saudi Arabia, which plans to float 5 percent of the state-owned oil giant, may earmark the lions' share of the issue to strategic investors, reportedly from China, if the response from the broader market seems lukewarm.
The initial signals don't look positive.