Aramco’s Planned $100bn IPO Postponed

Saudi Arabia has called off plans for the domestic and international listing of state oil giant Aramco, billed as the biggest stock flotation in history, four senior industry sources said. The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off.

"It has been postponed until further notice," the source said.

For the past two years, Saudi Arabia has prepared to place up to 5% of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and US President Donald Trump. The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100bn, the biggest IPO ever.