LONDON - Saudi Arabia's state-owned oil company, Aramco, is set to stage what could be the largest initial public offering in history next year and stock exchanges around the world are competing for the chance to list its shares.

A Reuters graphic shows the potential range of the value of Aramco's listed shares against the average 2016 market capitalisation of listed companies on the various exchanges as well as the advantages and disadvantages to Aramco of each one.

Saudi officials have said the company will offer up to 5 percent of Aramco in the IPO. It is expected to list some shares on Saudi Arabia's stock exchange, with the rest on at least one overseas exchange.

Among Aramco's suitors include the New York, London, Hong Kong, Tokyo and Toronto stock exchanges.