Saudi Arabia has abandoned plans to formally market shares in its state-owned oil company outside the kingdom and its Gulf neighbours, in the latest sign of the initial public offering’s shrunken ambitions.
Bankers learnt on Monday that no formal European investor meetings would take place, a day after roadshows in the US and Asia were called off, according to people familiar with the matter.
The decision is the latest setback for the kingdom, which will now seek to raise about $25bn through the flotation of Saudi Aramco — just a fraction of the $100bn it once sought. It will do so by relying heavily on local investors and those in the Gulf.
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