Saudi Aramco says IPO timing depends on ‘market conditions’
Saudi Aramco said Sunday the timing of its long-awaited stock market debut “will depend on market conditions,” after the latest delay in the blockbuster initial public offering.
The IPO forms the cornerstone of a reform programme conceived by the kingdom’s de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.
Aramco was expected to launch the first part of a two-stage listing in the coming week, but the energy giant decided to push the trading date back to December or January, a person familiar with the situation told AFP last Thursday.
