Aramco chairman expects strong demand for IPO from global institutions: Al Arabiya

Yasser al-Rumayyan, Saudi Aramco's chairman, gestures during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed

DUBAI (Reuters) - Saudi Aramco chairman, Yasir al-Rumayyan, expects strong demand from global institutions for Aramco’s initial public offering (IPO), he told Al Arabiya news channel.

Saudi Arabia’s state oil company kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil.

Reporting by Maher Chmaytelli; writing by Saeed Azhar, editing by Davide Barbuscia