Uncertainty slowing Aramco IPO
Aramco torn between New York and London listings for international component of IPO.
Uncertainty over where to float shares of Saudi Aramco, the world’s biggest oil and gas company, is apparently causing delays to what could be the world’s largest ever initial public offering (IPO), according to the Wall Street Journal.
Although the IPO could raise around $100bn towards the kingdom’s economic diversification away from the hydrocarbon industry, doubts remain over where to list the overseas portion of the listing.
New York is one of the preferred destinations for Crown Prince Mohammed bin Salman but Saudi officials, including Energy Minister and Aramco Chairman Khalid Al Falih, believe floating on the New York Stock Exchange could have potential legal and political implications.
London is allegedly the exchange of choice for Al Falih.