#Saudi Aramco Delays IPO Again Just Days Before Planned Launch - Bloomberg

Saudi Aramco Delays IPO Again Just Days Before Planned Launch - Bloomberg:

Saudi Aramco’s stop-start initial public offering was delayed again just days before a planned launch as doubts re-emerged about the $2 trillion valuation placed on the state oil giant by Crown Prince Mohammed bin Salman.

The postponement, by at least a few weeks, will allow the array of Wall Street bankers advising Aramco to incorporate third-quarter results into their pre-IPO assessments of the company, according to people briefed on the situation. The banks are still struggling to meet the valuation the company is seeking, according to one of the people, who asked not to be named discussing private deliberations.

Aramco, which pumps about 10% of the world’s crude oil, said in a statement that the timing of the IPO will depend on market conditions and that it continues to engage with shareholders on activities related to the listing.