Aramco’s planned $100bn IPO on hold, not cancelled, Saudi Arabia insists
London — The king spoke, and a $2-trillion dream went up in smoke. For the past two years, Saudi Arabia has prepared to place up to 5% of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and US President Donald Trump. The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100bn, the biggest IPO ever. It was the brainchild of 32-year-old Crown Prince Mohammed bin Salman, heir apparent of the world’s largest oil exporter. But after months of setbacks, the international and domestic legs of the IPO were pulled. The reason: the prince’s father, King Salman, stepped in to shelve it, three sources with ties to government insiders told Reuters. The decision came after the king met with family members, bankers and senior oil executives, including a former Aramco CEO, said one of the sources, who requested anonymity. Those consultat...
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