Aramco is mulling an IPO on Saudi exchange before making its much-anticipated global debut

Saudi Arabia’s state-owned oil giant Aramco is expected to list public shares on the Saudi domestic stock market in the second half of this year, but a potential international listing could come later, according to sources familiar with the situation.

The initial public offering of Saudi Aramco was expected to be the largest ever share listing. But plans to list on a major foreign stock exchange have been delayed as Aramco grapples with the challenges of taking a portion of the world’s biggest oil company public.

Currently, there is no international listing planned, but sources said Aramco continues to hope it will list in a foreign financial centre some time next year.

“The Company continues to review options for the listing,” Saudi Aramco said in a statement after the news was first reported by The Wall Street Journal.

“In addition to listing on Tadawul, the home exchange, a range of international options are still being held under active review. The Company will not provide a running commentary on the course of the IPO.”

Sources said the Aramco listing will be much smaller than anticipated in the international market, and that an Asian cornerstone investor is likely to participate.