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Aramco proposes two-stage IPO, shunning London and Hong Kong

Tokyo emerges as surprise international front-runner for world's largest listing

An Aramco oil tank is seen at the production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia.   © Reuters

DUBAI/LONDON (Dow Jones) -- Saudi Arabian Oil Co. is considering a plan to split the world's largest IPO into two stages, debuting a portion of its shares on the Saudi stock exchange later this year, and following up with an international offering in 2020 or 2021, according to people familiar with the plans.

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