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Oct. 17, 2019, 4:37 p.m. EDT

Saudi Aramco will delay IPO until at least December

Oil giant said to be fine-tuning massive public offering

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By Summer Said


Reuters
An Aramco oil tank is seen at the production facility at Saudi Arabia's Shaybah oilfield.

Saudi Aramco has postponed the launch of what is expected to be the world’s largest initial public offering, according to people familiar with the matter.

The state-owned oil giant, which had been preparing for an Oct. 20 official launch of the share sale, is pushing back the IPO until December or January, two people familiar with the matter said.

“It is a last-minute decision,” said one senior Saudi official. “A few things needed to be fine tuned including financial figures for the third quarter,” he said.

Last month, Saudi officials discussed delaying Aramco’s IPO, following attacks on the company’s largest oil facilities, which severely curtailed the kingdom’s output. They later decided to press on with the plan, according to people familiar with the matter.

An expanded version of this report appears on WSJ.com.

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