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Saudi Aramco Pushes Back Its Mega-IPO

Credit: Wochit Business
Published on October 17, 2019 - Duration: 00:44s

Saudi Aramco Pushes Back Its Mega-IPO

Business Insider reports Saudi Aramco has delayed its scheduled mega-IPO.

The world's largest oil company was poised to go public as soon as November.

The plan was to first offer 1% or 2% of shares on Saudi Arabia's domestic exchange before listing the rest of a 5% stake internationally.

The delay is to give investors greater detail on how earnings were affected by September's drone strikes.

Saudi Crown Prince Mohammed bin Salman previously called for the firm to be valued at $2 trillion.

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