Aramco advisers suggest London for IPO: report

30/07/2017 07:44 AST

Advisers to the proposed public issue of shares of Saudi Aramco, the world's largest oil and gas company, have recommended London for the listing of the shares, according to a Reuters report.

Saudi Aramco plans to offer 5 per cent of its shares in the IPO, which will the world's biggest IPO. It is expected to raise $100 billion through the issue.

US disclosure rules are a concern for Saudi authorities, sources familiar with the matter told Reuters.

A final decision on the venue for the listing will be taken by Crown Prince Mohammad bin Salman, who is overseeing Saudi Arabia's radical economic reforms, Reuters quoted its sources as saying.

The IPO is a centerpiece of Saudi Arabia's Vision 2030 plan to diversify its economy away from oil.


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