Saudi Aramco shortlists Hong Kong, London, New York for IPO: report

Saudi Aramco picked New York, London and Hong Kong for the international portion of its planned initial public offering (IPO), Reuters reported on Thursday, citing unnamed sources familiar with the matter.

The Kingdom could single out one of them or choose two if not all three international venues for the IPO, which also includes the Saudi Stock Exchange (Tadawul).

Picking these three markets means that the state-owned oil giant has taken Tokyo, Singapore and Toronto out of the race for what is likely to be the world’s biggest IPO.

The share sale is still set for late 2018, the sources said, adding Saudi Arabia may opt for a phased listing, with the domestic listing taking place first.

A final decision has yet to be made by Saudi Crown Prince Mohammad bin Salman, the sources added.

“A range of listing options continue to be held under active review. However, no decision has been taken,” Saudi Aramco said in statement to Reuters.

Saudi Aramco converted to a joint stock company as of Jan. 1, with paid capital of SAR 60 billion, divided into 200 billion ordinary shares, Aramco reported.