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Saudi Aramco cancels London leg of planned IPO roadshow

Saudi Aramco cancels London leg of planned IPO roadshow

It’s the latest sign that the giant Saudi oil company has scaled back the international ambitions for the IPO

Saudi Aramco canceled the London leg of its initial public offering roadshow, scheduled for Wednesday, according to people familiar with the situation, who asked not be named because it wasn’t a public event.

It’s the latest sign that the giant Saudi oil company has scaled back the international ambitions for the IPO because of lackluster demand from money managers. The company had already decided not to market the share sale in the US, Canada or Japan.

The deal will now mainly rely on rich Saudi families and other local investors.

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