Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
Saudi Aramco IPO
Saudi Arabia's oil company Aramco has begun trading for the first time, gaining 10% in its first moments on the market in a dramatic debut that pushed its value to 1.88 trillion dollars, higher than any other listed company in the world.
Abu Dhabi is planning to put as much as $1.5 billion into Saudi Aramco’s initial public offering, as the oil giant taps friendly neighbors to prop up a deal that’s so far failed to draw foreign investors, people with knowledge of the matter said.
Saudi Aramco abruptly postponed the launch of the world’s largest initial public offering by at least a few weeks, according to people briefed on the situation.
The chief executive of Saudi Aramco, the state-owned oil firm that is seen as the kingdom's crown jewel, said the company is ready for a local listing on the kingdom's stock exchange and that it will happen "very soon".
Saudi Oil Minister Khalid Al-Falih signaled the possibility the initial public offering of Saudi Aramco could be delayed beyond 2019, saying that "timing isn’t critical for the government of Saudi Arabia."