Saudi Aramco says IPO is "on track" following reports of delay

 
William Turvill
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Saudi Aramco could be valued at up to $2 trillion through its float (Source: Getty)

Oil giant Saudi Aramco has insisted its flotation is “on track” after reports suggested the process could be delayed.

“The initial public offering of a stake in Saudi Aramco remains on track,” a spokesman said.

“The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO related work is completed to the very highest standards on time.”

Bloomberg reported yesterday that the float could be pushed back a few months into 2019. The IPO is slated for the second half of next year.

The Saudi authorities are aiming to list around five per cent of Aramco, in an IPO that could value the firm at $2 trillion.

As part of what is expected to be the world’s largest IPO, they are planning to list on the domestic Riyadh market as well as at least one international market. London and New York are thought to be the international frontrunners.

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