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Saudi Aramco's cloudy IPO

Saudi Crown Prince Mohammed bin Salman. Photo: Presidency Press Service / Pool Photo via AP

Let's revisit Friday's reports that Saudi Arabia may delay selling shares of state oil giant Aramco on international exchanges next year, and may even shelve the plan entirely. The company is instead weighing plans to privately offer stakes to investors including China, according to various media reports including the Financial Times, which broke the story on Friday. FT says options includes selling shares to big sovereign wealth funds and institutional investors.

Why it matters: The planned IPO would likely have been the largest ever, generating massive fees for exchanges in New York or London, the leading candidates for the principal listing venue. It's meant to raise tens of billions of dollars to seed Saudi Arabia's long-term plan to modernize its economy and diversify away from oil.