Tokyo Stock Exchange Emerges As International Frontrunner For Saudi’s Aramco IPO

SHAYBAH, SAUDI ARABIA – MARCH 2003: A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities at Shaybah in the Rub’ al Khali (“empty quarter”) desert on March 2003 in Shaybah, Saudi Arabia. (Photo by Reza/Getty Images)

Saudi Arabian Oil Co., the world’s largest oil firm, is considering conducting its initial public offering in two stages, with the Tokyo Stock Exchange emerging as the international frontrunner, The Wall Street Journal reported Thursday in its online edition.

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The state oil giant, known as Aramco, is planning to split the world’s largest IPO into two stages: debuting a portion of its shares on the Saudi stock exchange later this year followed by an international offering in 2020 or 2021, the U.S. business daily said, citing people familiar with the plans. “The company is leaning toward Tokyo as the venue for the second phase of its proposed plan” as political uncertainty in Britain and China reduced the appeal of London and Hong Kong’s markets, the report said. The corporate value of Aramco is believed to be $2 trillion.