No new date for the IPO has been set, according to sources familiar with the transaction cited by media. In view of this, a two-week postponement of the IPO "will allow the array of Wall Street bankers advising Aramco to incorporate third-quarter results in their pre-IPO assessments of the company..." . "Solid results after the attack will put them in a stronger position", one of the Reuters sources said.
The delay to the IPO's launch was reported by the Financial Times earlier. While this came as a surprise to many people around the world, it is important to note that Saudi Aramco is single-handedly responsible for pumping 10% of the world's crude oil output.
The mammoth initial public offering (IPO) forms the cornerstone of a reform programme envisaged by the kingdom's de facto ruler Crown Prince Mohammed bin Salman to wean the Saudi economy off its reliance on oil.More news: Gauff reaches first singles final in Linz — WTA roundup
As per the latest report, it said that the government will soon sign off a domestic listing for Saudi Aramco by this week.
However, after a September 14 attack on its Abqaiq and Khurais plants knocked out half the crude output of the world's top exporter, Aramco wants to reassure investors by presenting results covering the period, the two sources said, speaking on condition of anonymity as the information is not public.
Aramco has said it plans to float around five per cent of the state-owned company this year or next year in what could potentially be the world's biggest stock sale.More news: "The money is there" - Solskjaer opens up about Man Utd’s transfer plans
The energy minister of Saudi Arabia said that Saudi Aramco fully recovered from the attack and restored its oil output.
Aramco halted plans for a blockbuster worldwide listing of around 5 per cent past year amid debate over where to list overseas, but talks resumed this summer.
The green groups, which include Friends of the Earth and Oil Change International, sent a letter to the chief executives of banks that the listing would undercut efforts to decrease emissions in line with the 2015 Paris Agreement on climate change.More news: Zion Williamson expected to miss "period of weeks" with right knee injury