Saudi Aramco will not market IPO in the United States: Report

Reuters Dubai Nov 17, 2019, 11.57 AM(IST)

File photo Photograph:( Reuters )

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Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.