Aramco Pushing to Complete IPO This Year After Brief Delay - Bloomberg:
Saudi Aramco is pushing to complete its initial public offering this year by relying more on local investors, after international money managers’ skepticism triggered a brief delay, people with knowledge of the matter said.
The state-owned oil producer is considering making a formal announcement of the listing plan as soon as the next few weeks, according to the people, who asked not to be identified because the information is private. The kickoff, originally slated for Oct. 20, was postponed after overseas investors pushed back at its touted $2 trillion valuation.
Aramco plans to press on with the listing plans by relying more on demand from Saudi Arabia and other parts of the Middle East, the people said. Some domestic funds have been invited to a meeting at Aramco’s headquarters in Dhahran on Wednesday to discuss the IPO and may be asked for commitments shortly afterward, the people said.
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