Saudi Aramco says IPO timing depends on 'market conditions' - News Summed Up

Saudi Aramco says IPO timing depends on 'market conditions'


Saudi Aramco said Sunday the timing of its long-awaited stock market debut "will depend on market conditions," after the latest delay in the blockbuster initial public offering. "The company continues to engage with the shareholders on IPO readiness activities," Aramco said in a statement to AFP. "The company is ready and timing will depend on market conditions and be at a time of the shareholders' choosing," it said without giving further details. The prospect of the world's most profitable firm falling short of a $2 trillion valuation sought by Saudi rulers is widely considered the reason the IPO has been delayed. With a $2 trillion valuation, the five percent sale could raise some $100 billion, in what would be the largest IPO ever.


Source: Mint October 20, 2019 12:33 UTC



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