Reuters logo
Saudi favors New York for Aramco IPO, also considers Toronto, London: WSJ
February 20, 2017 / 7:17 PM / in 8 months

Saudi favors New York for Aramco IPO, also considers Toronto, London: WSJ

(Reuters) - Saudi Arabia is favoring New York to list state oil giant Saudi Aramco (IPO-ARMO.SE), while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday.

FILE PHOTO: A Saudi Aramco employee sits near the Saudi Aramco stand at the Middle East Petrotech 2016 in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo

Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter. on.wsj.com/2m54QfH

The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.

Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion.

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.

Reporting by Ismail Shakil in Bengaluru; Editing by Jonathan Oatis

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below