World’s biggest oil producer Saudi Aramco confirms it’s considering IPO

Saudi Arabia’s state-owned oil company Saudi Aramco confirmed Friday it is considering listing the company on the capital markets through an initial public offering.

In a statement on its website, the company said it has been “studying various options to allow broad public participation in its equity through the listing in the capital markets of an appropriate percentage of the company’s shares and/or the listing of a bundle [of] its downstream subsidiaries.” Saudi Aramco, which is the world’s largest oil producer, is believed to be the world’s most valuable company and its market value could exceed that of Apple Inc.’s AAPL, +0.53% The Economist reported late Thursday an IPO could be in the offing as the country tries to balance its budget amid steep losses in oil prices.

Source: MarketWatch