Saudi Aramco IPO — the world’s largest — now set for 2019
The initial public offering, in which the oil company hopes to raise a record $100bn by selling a 5% stake, is ‘ready’ and just waiting for the market to be ready, too
London — The initial public offering (IPO) of Saudi Aramco will "most likely" happen in 2019, the kingdom’s oil minister said on Friday, confirming a delay for what’s likely to be the world’s largest ever share sale. "The timing, I think, will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia," Khalid Al-Falih, who’s also the company’s chairman, said at the St Petersburg International Economic Forum in Russia on Friday. "We are ready, the company, essentially, has ticked all the boxes," he said. "We’re simply waiting for a market readiness for the IPO." For almost two years, Saudi officials said repeatedly the IPO was "on track, on time" for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019, pushing back a central plank of Saudi Crown Prince Mohammed bin Salman’s plan to modernise the economy. "Most likely it will be in 2019 but we will not know until the announcement ...
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