Aramco pits London against New York as Saudis decide on IPO venue

Dubai

SAUDI Arabia aims to sell about 5 per cent of Saudi Aramco in an initial public offering next year, and stock exchanges from the UK to Japan are vying for what may be the world's richest IPO.

The Saudi crown prince Mohammed bin Salman will soon decide where to sell the company's shares after government officials heard a presentation on the listing process last week, according to people with knowledge of the matter. The kingdom plans to list on the Saudi stock exchange in Riyadh and sell shares on at least one bourse outside the country. That choice pits the top global financial centres, London and New York, against each other for a sale that could value the largest oil exporter at as much as US$2 trillion.