Aramco says IPO on track after reports of possible delay

Saudi Arabian Oil Co. (Saudi Aramco) said the planned initial public offer (IPO), originally set for the second half of 2018, remains on track, a Reuters report said.

This came after Bloomberg reported that Saudi Arabia may push the IPO a month into 2019, due to the tight timetable for what could be the biggest share sale in history.

Saudi Arabia is seeking to list up to 5 percent of shares on both the Saudi Stock Exchange (Tadawul), and one or more international markets in an IPO that could raise $100 billion.

Aramco has still not chosen an international venue for the listing although New York and London are seen as leading contenders. Reuters reported last month that Saudi Arabia favors New York for the main foreign listing of Aramco, even though some financial and legal advisers have recommended London. 

In July, Amin Nasser, the president and CEO of Aramco, said that IPO plans are on track to be implemented in the second half of 2018, Argaam reported.

Last week the Kingdom said fiscal reforms under its Vision 2030 program are on track and plans regarding Aramco IPO are “well underway,” despite some adjustments being made to the National Transformation Program (NTP).