The stock market flotation of Saudi Arabia’s state oil company is likely to be delayed until next year, according to the country’s energy minister, confirming mounting speculation that the world’s biggest IPO was running behind schedule.
Saudi Aramco plans to raise $100bn (£75bn) by selling a 5% stake, dwarfing the and valuing the business at $2tn. Stock exchanges in London, New York and Hong Kong have been lobbying for the right to float the company, with Saudi officials repeatedly maintaining it was on track to take place later this year.
In January the firm lauded a royal decree converting Saudi Aramco into a joint stock company, a key step allowing it to have more shareholders than its existing one, the Saudi kingdom. Read More