Saudi Aramco delays planned IPO: FT

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© Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq© Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq

(Reuters) – Saudi Aramco has delayed the planned launch of its initial public offering, the Financial Times reported on Thursday, citing three people familiar with the matter.

The world’s largest oil firm was to announce plans next week to float a 1% to 2% stake on the kingdom’s Tadawul market before a possible international listing, according to Reuters.

Saudi Aramco wanted to wait until it could provide clarity on its most recent quarterly earnings following attacks on Saudi infrastructure last month that temporarily halved production, the FT reported.

Saudi investors see the IPO as a chance to own part of the kingdom’s crown jewel and an opportunity to show patriotism after the attack.

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