Biggest public listing in history put on hold over valuation fears | Business | The Guardian:
A partial float of the Saudi oil giant Aramco – the biggest public listing in history – has been “indefinitely postponed” because of fears that its valuation would be much less than expected, according to senior regional sources.
The decision was made earlier in the summer but has been kept under wraps by officials who were worried that shelving what was intended to be the centrepiece of Saudi Arabia’s economic transformation plan may dent investor confidence in the Kingdom, two financiers with knowledge of deliberations revealed.
The development, first reported by Reuters, is a blow to the stock markets in New York and London, which had vied to host the listing.
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