Saudi Arabia pushed back against reports that it was considering a private offering of Saudi Aramco instead of the previously announced initial public offering (IPO), Platts reports.
On Sunday, the Saudi Aramco tweeted: “FT report on Saudi Aramco IPO is entirely speculative. All listing venues under review for optimal decision, IPO process is on track for 2018.”
Late last week, the Financial Times reported that Saudi Arabia was considering a private sale to governments and wealth management funds to avoid the cumbersome IPO process—though a portion of the company would still be offered on the Riyadh exchange.
The report was based upon information provided to the Financial Times by five individuals who are familiar Saudi Arabia’s plans to conduct the IPO.
Saudi Arabia has been considering several stock exchanges, most notably London, Hong Kong, and New York for the primary location for its 5% IPO. The IPO is part of Saudi Arabia’s Vision 2030 to modernize the Saudi Arabian economy and wean it away from its dependence upon oil revenues.