Saudi Aramco chief says company ready for IPO when government is

Saudi Aramco will be ready for an IPO when the government is, the company's chief has said.

1 min read

10 September, 2019

Saudi Aramco's IPO is touted as being the world's biggest [Getty]

Saudi Aramco's new chief said the oil-giant is ready for a two-stage IPO but the timing is up to the government.

Amin Nasser told reporters at the World Energy Congress that Aramco is "ready" for the IPO but the timing is a "government decision".

"One of the primary listings is going to be local but we are also ready for listing outside."

Aramco has said it plans to float around five percent of the on the stock market 2020 or 2021.

The sale is touted as the world's biggest stock sale.

Saudi Aramco is considering a domestic debut and a subsequent international listing - possibly in Tokyo.

It aims to raise up to $100 billion based on a $2 trillion valuation of the company.

Many have long debated whether Aramco is really worth the $2 trillion Saudi Arabia wants the IPO has been repeatedly delayed after being originally schedules for 2018.

Earlier this month, Aramco said its first half net income for 2019 slipped nearly 12 percent to $46.9 billion on lower crude prices.

It was the first time the company has published half-year financial results and comes after Aramco opened its secretive accounts for the first time in April.

It revealed itself to be the world's most profitable company.