Saudi Aramco calls off European leg of IPO roadshow | Financial Times:
Saudi Arabia has called off plans to formally market shares of its state oil company outside the kingdom and other Gulf countries ahead of its long-awaited initial public offering, according to people familiar with the matter.
The decision marks the latest setback for the kingdom, which will now seek to raise about $25bn through the flotation of Saudi Aramco — just a fraction of the $100bn it once sought — by relying heavily on local investors and from those in the region.
“It’s all local now,” said one person briefed on the process. Bankers learned on Monday that no formal European investor meetings would take place, a day after roadshows in the US and Asia were called off.
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