On Sunday, in a statement by Saudi Aramco, who is the oil giant now owned, the Saudi government will now go for an unspecified number of shares, which may range between 1 percent to 3 percent of the company.
The banks were not immediately available for comment.
There have been reports the firm is struggling to get institutional investors on board, amid a bearish outlook for the energy sector and questions over the company's transparency and governance.
Numerous high-revenue companies are increasingly looking towards launching their IPO lately, primarily owing to the benefits offered by the process, including raising equity capital, liquidity for employees and investors, branding and visibility, the currency for M&A.
The Saudi Arabian Oil Company, to give its full name, did not give a reason for the fall, but it likely reflects lower oil prices.
Aramco's net income past year of $111 billion made it the most profitable of any corporation - more than Apple Inc., Google's parent Alphabet Inc. and Exxon Mobil Corp. combined - but the company has pledged to pay a minimum of $75 billion in dividends, leaving it vulnerable to a downturn in oil prices.
The company's crude oil production accounted for approximately one in every eight barrels of crude oil produced globally from 2016-2018. According to Reuters' calculations, its net income for the third quarter of 2019 was $21.1bn (€18.9bn).
Saudi Aramco was earlier anticipated to dump 5% on two exchanges, with a primary itemizing of two% on a Saudi Arabian change, adopted by three% on an overseas change.
Aramco also did not mention what measures it has taken to beef up security following unprecedented attacks on its oil plants in September.
Roadshows involving senior management will begin after analysts' meetings while pricing is likely to be announced around November 28, the source added.
Legal & General Investment Management, one of BritainΓÇÖs biggest asset managers, has not yet decided whether to invest in Aramco, its chief investment officer Sonja Laud told the Reuters Global Investment Outlook Summit on Monday. She added "concerns from a corporate governance viewpoint are well-flagged".
The Saudi government plans to use proceeds of the IPO to diversify the country's industrial base and reduce its economic dependence on crude oil prices.
But analyst estimates vary - by a mere trillion dollars or so.
"Our discounted cash flow approaches. suggest $1.4 trillion on average", it said.
The original goal was a $2 trillion valuation but the kingdom settled for the current value.