London still in the running for mega-IPO post-Brexit vote, Saudi Aramco says

Jessica Morris
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A general view shows the Saudi Aramco oi
The IPO could create the world's largest company by market cap (Source: Getty)

Saudi Aramco confirmed today that it's considering listing what could be the world's most valuable company in London.

It comes despite warnings from a string of financial firms that the UK's vote to leave the European Union could push them to relocate outside of the City.

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The state-owned oil behemoth's chief executive, Amin Nasser, told reporters on the sidelines of a conference in Dubai that it's considering several overseas exchanges — including New York, Hong Kong and London.

"This thing will happen in 2018," he added.

Media reports before the referendum had suggested that the firm was planning a three-way listing on stock markets in London, New York and Hong Kong.

The firm, which Saudi Arabia has claimed will be worth over $2 trillion (£1.6 trillion), would dwarf its competitors if it lists at its expected value. Currently, the world's largest public listed company is ExxonMobil, with a market capitalisation of £346bn.

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The IPO would help Aramco top ranking of the world's largest companies, leapfrogging consumer tech giant Apple which has a market capitalisation of $607bn.

The valuation of the company is based on claims made by Saudi Arabia deputy crown prince Mohammed bin Salman earlier this year and have not been independently verified.