IPO timing depends on ‘mkt conditions’: Aramco

21 October, 2019 12:00 AM printer

DUBAI: Saudi Aramco said Sunday the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering.

The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil, reports AFP.

Aramco was expected to launch the first part of a two-stage listing in the coming week, but the energy giant decided to push the trading date back to December or January, a person familiar with the situation told AFP last Thursday.

Sources had told AFP in mid-September that the mammoth share offering could be delayed after an attack on Saudi oil facilities knocked out half of the output of the world’s top crude exporter.

“The company continues to engage with the shareholders on IPO readiness activities,” Aramco said in a statement to AFP.

“The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing,” it said without giving further details.