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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.

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