The Saudi state-owned oil mammoth, Saudi Aramco, is considering listing as much as 5% of its value on the public market.
That's according to The Wall Street Journal's Benoit Faucon, who cited Ibrahim Muhanna, an oil-ministry adviser, speaking at a conference in Paris.
The listed shares could amount to $125 billion in value, according to the report.
Muhanna also said the government is considering holding the offering on a New York, London, or Hong Kong exchange, in addition to Saudi Arabia's Tadawul, according to the report.
On Tuesday, Bloomberg reported that JPMorgan and the boutique bank M. Klein & Co. are advising on the potential offering.
The fact that Saudi Arabia was considering selling shares of Aramco came as a surprise to bankers. It was revealed in an Economist interview with Saudi Arabia's deputy crown prince, Muhammad bin Salman, in January.
Of course, there's still a chance the deal will not go through. The Saudi government is still reportedly in early-stage talks, and has not made any final decisions on the deal. Not to mention the fact that oil is hovering around its lowest prices in decades.
Read the full story in The Wall Street Journal »