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Saudi Arabia’s oil minister said the initial public offering of oil giant Aramco will take place “when the time is right.“ revealing the first crack in the kingdom’s earlier plan to debut the company this year.
“We hope that 2018 will be the right time but ultimately we have to make sure the market is ready.“ Khalid Al-Falih said in Davos. Switzerland. on Wednesday when asked if he was pointing to a delay.
“We’re ready for the listing but we have to be sure the market is ready. that the time is right. and we will calibrate that as we get closer.“ he told reporters at the World Economic Forum in Davos.
Saudi Aramco CEO Amin Nasser says the firm is `ready to be listed` in the second half of 2018.
The comments were the first wobble in Riyadh’s long-standing assurances that the IPO was “on track and on time“ for the second half of 2018. Al-Falih declined to answer questions about whether the IPO could be postponed to 2019.
The Saudi Arabian Oil Co. offering would be one of the biggest events in financial markets this year and any alteration is of significant interest to global investors. Saudi officials said they hope to raise a record $100 billion. valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese Internet retailer Alibaba Group Holding Ltd. in 2014.
The IPO is the brainchild of Crown Prince Mohammed Bin Salman as the cornerstone of his Vision 2030 program to reform the country’s oil-dependent economy. Privately. Aramco executives and advisers said that if the government gives the green light soon. a listing during the second half of this year in Riyadh is possible. but that additional listings in London or New York would be very difficult.
