Saudi Aramco resumes work on mega IPO: report

Saudi Aramco resumed preparations for a potential initial public offering (IPO), Bloomberg reported, citing people familiar with the matter.

The state-owned oil giant recently held discussions with a select group of investment banks to discuss potential roles on the offering, the report said. 

Detailed work on the IPO is likely to pick up steam later this year or early next year. However, no final decisions have been made, and the timeline for the share sale could still change, the report said.

Crown Prince Mohammed bin Salman said earlier last month that the Kingdom remains committed to the IPO of Saudi Aramco, and the process will be completed in a timely manner.

Read: Prince Mohammed says Saudi Aramco IPO is 'on track'

In its first bond prospectus issued in April, the state-owned firm reported a net income of $111 billion in 2018, an increase of 50 percent year-on-year (YoY). The company raised $12 billion in bonds, which was one of the most oversubscribed debt offerings in history.

Read: Saudi Aramco world’s most profitable firm in 2018 with net income of $111 bln

Aramco's IPO was first announced in 2016 as the cornerstone of the Vision 2030 plan, with a target of listing in the second half of 2018. The Kingdom was seeking to raise a record $100 billion from selling a five percent stake in the oil giant, making it the biggest IPO in history.