Saudi Aramco cancels international roadshow ahead of IPO

Saudi Arabia drops marketing plans for state-owned oil company Aramco outside the kingdom and its closest Gulf neighbors. The country aims to sell shares worth USD 25 billion in advance.

Photo: Maxim Shemetov/REUTERS / X90156

Saudi Arabia has given up on its plans to formally market the shares of state-owned oil company Aramco outside the kingdom and its Gulf region neighbors, marking the latest sign of reduced ambition for the initial public offering, reports Financial Times.

The decision to cancel the company's roadshow is a defeat for Saudi Arabia, which will now attempt to raise USD 25 billion through its IPO, the newspaper writes. However, that's only a fraction of the USD 100 billion previously sought by Saudi authorities.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

DSV CEO on ocean freight: "Currently a flat market"

Despite significant revenue growth in its air and sea division, DSV saw "a flat market" for ocean freight in the third quarter. But CEO Jens Bjørn Andersen doesn't expect a setback in the market. "The goods must be freighted," he says.

Further reading

Related articles

Trial banner

Latest news

See all jobs