There are indications that 2% of Saudi Aramco will be sold during the IPO, with as much as $40 billion raised. So now the firm was hoping to reassure nervous investors by publishing positive results covering that tricky period.
Aramco may well be the world's most valuable company, but based on the dividend yield received by investors in Exxon Mobil Corp., the largest USA oil company, its valuation would be closer to US$1.5 trillion.
The second source confirmed the offering had been postponed, and there was now no new date set for the listing.
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Saudi Aramco was declared the most profitable company in the world after it published its financial results for the first time, disclosing that it made $111 billion in profits back a year ago.
The initial public offering (IPO) of oil giant Saudi Aramco is on hold - for now.
"They want to do all what they can to hit valuation target, solid results after the attack will give them a stronger position", one of the sources told Reuters. "The company is ready and timing will depend on market conditions and be at a time of the shareholders' choosing".
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Another source revealed that there are no new dates finalized for the listing. On the other hand, the Financial Times wrote the listing will be delayed by "weeks".
The IPO is part of Riyadh's efforts under Crown Prince Mohammed bin Salman to diversify its economy away from petroleum. Saudi officials want a $2-trillion US valuation on the oil company, which would make it the biggest IPO in history.
Aramco has said it plans to float around five per cent of the state-owned company this year or next year in what could potentially be the world's biggest stock sale.
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"The official line was that the Q3 results were very good, so they want to update the analysts and market the IPO after the Q3 numbers", the second source said.