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Aramco pits London against New York as Saudis pick venue for IPO

Saudi oil company Aramco aims to be listed next year, and stock exchanges around the world are vying for what could mark the largest IPO ever.

Photo: /ritzau/AP/Matt Dunham

Saudi Arabia aims to sell about 5 percent 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 choose to sell shares on at least one bourse outside the country. That choice pits the top global financial centers, London and New York, against each other for a sale that could value the largest oil exporter at as much as USD 2 trillion.

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