Aramco says IPO timing depends on 'market conditions

DUBAI: 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.

Sources had told AFP in mid-September that the mammoth share offering could be delayed after an attack on Saudi oil facilities knocked out half of the output of the world’s top crude exporter. The prospect of the world’s most profitable firm falling short of a US$2 trillion valuation sought by Saudi rulers is widely considered the reason the IPO has been delayed.

With a US$2 trillion valuation, the five percent sale could raise some US$100 billion, in what would be the largest IPO ever. It would eclipse the 2014 listing of Alibaba which raised US$25 billion.

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