Dubai — When Saudi Arabia announced plans to sell shares in its crown jewel Aramco, international bankers scrambled to get a piece of the action. Three years on, they’re questioning whether what could be the world’s biggest initial public offering (IPO) is worth their time and effort.

Some banks, which worked on the deal for more than two years before the oil giant put it on hold, are having internal discussions about whether to re-pitch for a role as the kingdom restarts preparations for the listing, according to people with knowledge of the matter...

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