Bid & Tender
Saudi Aramco IPO Likely to be delayed to Next Year

Date : Oct 07, 2019

Saudi Arabia is unlikely to list its oil giant Aramco this year after attacks last month on oil facilities, said sources.


The initial public offering (IPO) of Aramco – the world's largest oil company – is the pillar of Saudi reforms aimed at diversifying the economy away from oil by attracting foreign capital.


The deal, which was delayed last year, was expected to take place as early as November, sources had said, for an offering of 1% of the company on the Saudi bourse, the first step of a targeted 5% sale that could potentially raise $100 billion.


Aramco's chairman, Yassir al-Rumayyan, said that it would be ready for the IPO within one year.