Aramco pushes ahead with IPO work after attacks

Blow to IPO plan: This AFPTV screen grab shows smoke billowing from an Aramco oil facility in Abqaiq. Last Saturday’s strikes have dealt a blow to Aramco which had been speeding up preparations for the IPO. — AFP

LONDON: Bankers hired for Saudi Aramco’s mammoth initial public offering plan to stick to their schedule to pitch the deal to analysts even after devastating attacks on its biggest facilities slashed oil output by half, according to people with knowledge of the matter.

The energy giant aims to hold analyst presentations as planned and hasn’t told executives that its plans to list on the Saudi stock exchange as early as November may be delayed, the people said, asking not to be identified because the matter is sensitive.