Aramco Said to Stick to IPO as Strikes Put Pressure on Valuation - Bloomberg

Aramco Said to Stick to IPO as Strikes Put Pressure on Valuation - Bloomberg:

Bankers hired for Saudi Aramco’s mammoth initial public offering plan to stick to their schedule to pitch the deal to analysts even after devastating attacks on its biggest facilities slashed oil output by half, according to people with knowledge of the matter.

The energy giant aims to hold analyst presentations as planned and hasn’t told executives that its plans to list on the Saudi stock exchange as early as November may be delayed, the people said, asking not to be identified because the matter is sensitive. Aramco was considering holding presentations the week of Sept. 22, Bloomberg News previously reported.

But the magnitude of the attacks, claimed by Yemen’s Iran-backed Houthi rebels, make the chances of the IPO happening in the coming months unlikely, according to one of the people. The extent of any delay would depend on how long Aramco takes to restore its full production, another person said. Aramco lost about 5.7 million barrels per day of output.