Saudi Finance Minister: Aramco IPO in 2018 or 2019 depending on market

Mohammed al-Jadaan during a press conference in Riyadh on December 19, 2017. (AFP)

The hotly-awaited stock market debut of Saudi energy giant Aramco will be launched in 2018 if market conditions permit, otherwise in 2019, Saudi Arabia’s finance minister told AFP on Tuesday.

“If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019,” Mohammed al-Jadaan told AFP in an interview at a French-Saudi forum in Paris, referring to the planned initial public offering (IPO) of Aramco, tipped to be the world's biggest.

“We are not desperate for listing. We will only list when the market is right,” he said.

Aramco’s CEO Amin Nasser said last month that his company was on track for a 2018 listing, but that the choice of date and venue for the listing was down to the company’s owner, the Saudi government.

In the interview Tuesday, Jadaan said the government had not yet decided whether to list Aramco on the Saudi exchange alone, on a stock market abroad or seek a dual listing. “These options have not been made yet,” he said.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53