Advertisement

Hong Kong, London, New York shortlisted for Aramco IPO: sources

From Reuters - January 11, 2018

DUBAI/LONDON (Reuters) - Saudi Arabia has shortlisted New York, London and Hong Kong - singly or in a combination of two or even all three - for the international portion of the listing of national oil company Aramco, two sources with knowledge of the discussions said.

The initial public offering (IPO) will also include the Saudi stock exchange, Tadawul, and is still set for late 2018, the sources said.

The shortlist means Tokyo, Singapore and Toronto are no longer in the running for what is likely to be the worlds biggest IPO. Riyadh could raise as much as $100 billion in the sale of up to 5 percent of Aramco [IPO-ARMO.SE] if it achieves a projected $2 trillion valuation.

A final decision has yet to be made by Saudi Crown Prince Mohammad bin Salman, who oversees the kingdoms economic and oil policies, the sources said.

One of the sources said a phased listing was being considered, with the local listing occurring first, followed by an international listing or listings at a later stage.

The second source said it was possible that Aramco would be listed on all three international exchanges, as well as the Saudi bourse, but cautioned that no decision had been taken.

The first source said discussions involved listing on at least two of the three venues.

As far as Aramco goes, late 2018 remains the objective and the plan and everything is moving to deliver that, the first source said.

Advertisement

Continue reading at Reuters »