Sources say move is sign that oil giant has scaled back the international ambitions for the IPO
Saudi Aramco has cancelled the London leg of its initial public offering roadshow, scheduled for Wednesday, according to people familiar with the situation, who asked not be named because it wasn’t a public event.
It’s the latest sign that the giant Saudi oil company has scaled back the international ambitions for the IPO because of lackluster demand from money managers.
The company had already decided not to market the share sale in the US, Canada or Japan.
The deal will now mainly rely on rich Saudi families and other local investors.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.