Saudi Arabia has given up on its plans to formally market the shares of state-owned oil company Aramco outside the kingdom and its Gulf region neighbors, marking the latest sign of reduced ambition for the initial public offering, reports Financial Times.

The decision to cancel the company's roadshow is a defeat for Saudi Arabia, which will now attempt to raise USD 25 billion through its IPO, the newspaper writes. However, that's only a fraction of the USD 100 billion previously sought by Saudi authorities.