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Saudis favor New York for Aramco IPO

Friday, August 11, 2017 - 01:19

Saudi Arabia favors the New York Stock Exchange for what could be the world's largest initial public offering, according to sources. Fred Katayama reports.

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Saudi Arabia favors the New York Stock Exchange for the main foreign listing of state oil giant Aramco, sources told Reuters. About five percent of the company will be up for sale, and it could be the world's largest initial public offering raising tens of billions of dollars. Alibaba $25 billion IPO is the current title holder. The money raised will help diversify the Saudi economy away from oil. It will be up to one of the country's rulers, Crown Prince Mohammad bin Salman, to eventually decide where to list Aramco. He said the IPO will value the company at a minimum of $2 trillion. Mizuho Securities' Bob Yawger (SOUNDBITE) (English) MIZUHO AMERICAS, DIRECTOR OF FUTURES DIVISION, BOB YAWGER , SAYING: "If it's all production, it's a great, great, great IPO that everybody wants to be involved in, especially that crude oil is trading $50 right now and crude oil eventually goes to $80, or a hundred dollars, it would be a grand slam. On the other hand, if it's all pipelines that are moving crude oil around the country, and that's all it all that it encompasses, it's going to be closer to $1 trillion dollars. And that's something that will not move as fast if crude oil moves from $50 to $80." Yawger also says it will be a political decion to list Aramco in New York. Other contenders include exchanges in London and Hongkong.

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Saudis favor New York for Aramco IPO

Friday, August 11, 2017 - 01:19