Economy

Saudis are said to prep for possible Aramco IPO delay

Saudis are said to prep for possible Aramco IPO delay”

Saudi Arabia's state-owned oil company, Aramco, is set to stage what could be the largest initial public offering in history next year and stock exchanges around the world are competing for the chance to list its shares.

Saudi officials have said the company will offer up to 5 percent of Aramco in the IPO. However, Aramco is drawing up contingency plans for a possible delay for a few months into 2019, Bloomberg reported.

This called into question the impact on the Aramco sell-off, but the information ministry reiterated that the IPO was on track.

The Saudi authorities are aiming to list around five per cent of Aramco, in an IPO that could value the firm at $2 trillion.

Plans have a long way to go with the company yet to decide which global exchange to use for a secondary listing alongside a primary one in Riyadh.

These include the location for a secondary listing outside of Saudi Arabia's Tadawul stock exchange, with an announcement of the victor between London and NY expected to be made in October.



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