Economy

As 2018 nears, Saudi Aramco potential IPO grabs global attention

As 2018 nears, Saudi Aramco potential IPO grabs global attention

After all of the hype, it appears that Saudi Aramco is now contemplating cancelling its plans for an global IPO.

The Financial Times on Friday reported that the company was in favor of a private stake sale to foreign governments, including China, and other investors amid concerns over the feasibility of an worldwide listing.

Saudi Aramco has dismissed reports that it is considering shelving plans for the world's biggest ever flotation, with the state-owned oil company saying the $2tn (£1.5tn) listing was on track for next year.

Responding to a letter from Treasury select committee chair Nicky Morgan, and business committee chair Rachel Reeves, Bailey told MPs: "If the new category is clearly delineated within premium listing, investors would be aware that companies had chosen it because of their particular relationship with their sovereign shareholder". Saudi Aramco had formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as worldwide financial advisers for its initial public offering, sources familiar with the matter had told Reuters in March.

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A Saudi Aramco spokesman, according to Reuters news agency, has said that a series of options are being actively being considered for the IPO and that a decision has not yet been made yet while the IPO option "is still on track".

"Both JPMorgan and Morgan Stanley declined to comment".

"All listing venues under review for optimal decision, IPO process is on track for 2018", the company said on Twitter.

It's hard at this point to say what's going on exactly, but I can't help but wonder if Saudi Aramco officials simply aren't keen to disclose how much of its reserves actually remain and/or are viable.


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