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Three people familiar with the matter told Reuters Saudi Aramco delayed its IPO plans as trading advisers said they needed more time to identify cornerstone investors.
After last year's listing plan was put on hold, Saudi Aramco's preparations for listing began to work this summer. For a second time, they have approached potential cornerstone investors such as sovereign wealth funds, wealthy Saudi Arabians and large foreign fund managers.
Last week, Saudi Aramco was expected to announce plans to list its 1-2% stake in the domestic market, but the recent attacks on its oil facilities in Abqaiq and khurais have heightened persistent valuation concerns and hindered the participation of big name investors.
An institutional investor in the Gulf region who participated in the discussion said Saudi Aramco could not fully answer the valuation questions during the initial discussions with investors.