Saudi Aramco denies it is shelving IPO

Saudi Aramco has said that it is on track for its initial public offering (IPO) after news reports said that it was considering shelving its IPO.

“A range of options for the public listing of Saudi Aramco continue to be held under active review. No decision has been made and the IPO process remains on track," a Saudi Aramco spokesperson said.

The Financial Times has cited five sources familiar with the matter saying that talks about a private sale to foreign governments, including China and other investors have gathered pace in recent weeks amid growing concerns about the feasibility of an international listing.

A combined private placement and domestic listing, which would be easier to execute, would boost the company’s valuation and bolster the development of the Saudi market, another source said.

Saudi Aramco is planning to offer up to 5 percent of its shares next year, as part of the economic reform program.