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Report: Saudi Aramco postpones IPO launch

State-owned oil giant Saudi Arabian Oil Co., or Saudi Aramco, has delayed the launch of its IPO slated for Oct. 20, the Financial Times reported Oct. 17, citing three people familiar with the matter.

According to the Financial Times, Saudi Aramco was expected to release its IPO prospectus next week.

One of the people told the Financial Times that Saudi Aramco wanted to wait to provide investors with clarity on its most recent quarterly earnings following the Sept. 14 drone attacks on its Abqaiq plant and the Khurais field that temporarily reduced Saudi Arabia's oil production by about 5.7 million barrels per day.

The person said the quarterly earnings results should show the company did not suffer a material financial hit, but the source did not provide a time frame for the earnings announcement.

A second person said the IPO was delayed but not canceled, while a third person told the Financial Times the IPO was postponed by weeks.

The state-owned oil giant on Sept. 30 said it met its production target after restoring capacity Sept. 25.

Fitch Ratings on Oct. 7 estimated the drone attacks will have a minimal impact on Saudi Aramco's operational and financial performance for the year and said it has not changed its assessment of the company's stand-alone credit profile.