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Sat 23 Nov 2019 10:49 AM

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Saudi Aramco said to plan IPO investor meetings in Dubai, Abu Dhabi

Sources say the state oil giant and its advisors are hosting meetings in UAE cities on Sunday and Monday

Saudi Aramco said to plan IPO investor meetings in Dubai, Abu Dhabi

Saudi Aramco on Sunday set an indicative price for the deal, valuing the company at up to $1.7 trillion.

Saudi Aramco is reportedly planning meetings with investors in Dubai on Sunday as part of efforts to raise up to $25.6 billion in the world's biggest share sale.

Reuters quoted sources saying the state oil giant and its advisors are hosting meetings at Dubai's Ritz Carlton Hotel at the Dubai International Financial Centre.

According to an investor who has seen the invitation, Saudi Aramco also plans to meet investors in Abu Dhabi on Monday.

Aramco could not be immediately reached for a comment, Reuters said.

Saudi Aramco earlier cancelled the London leg of its initial public offering roadshow in 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.

Saudi Aramco on Sunday set an indicative price for the deal, valuing the company at up to $1.7 trillion, below the $2 trillion sought by Saudi's crown prince but putting it in the running to become the world's biggest IPO.

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