Deal advisers urged Saudi Arabian Oil Co., or Aramco, to delay the Oct. 20 launch of its IPO because they needed more time to secure cornerstone investors, Reuters reported Oct. 22, citing unnamed sources.

One of the sources told Reuters that Aramco wants anchor investors such as sovereign wealth funds to cover at least 40% of the IPO, which Crown Prince Mohammed bin Salman hopes will be valued at $2 trillion.

Saudi Aramco earlier approached the Abu Dhabi sovereign wealth fund Mubadala Investment Co., Singapore's GIC Pte. Ltd., China's sovereign wealth fund China Investment Corp. and Canadian pension funds to take part in its listing on the Riyadh Stock Exchange.

The advisers hope Aramco's third-quarter results will boost investor confidence that the state oil company has recovered from the attacks on its Abqaiq plant and Khurais field in September. A source told Reuters the results could be reported by the end of October.

Saudi Arabia earlier aimed to sell 1% of Aramco's stake in its local exchange before year-end and another 1% on the same exchange next year.

The local listing will be followed by an international IPO, which is likely to be held in Japan.

Saudi Arabia initially planned to list 5% of Aramco, but was reported to be considering to list up to 10%.