Saudi Aramco is considering a plan to split its awaited initial public offering (IPO) into two phases, the Wall Street Journal reported.

The first phase of the IPO could be launched on the Saudi Stock Exchange (Tadawul) before the end of 2019, while the second stage could take place in 2020 or 2021 through an international bourse.

Japan is seen as the favored destination for the second phase of the IPO, which is expected to be the largest in the world, with the Tokyo Stock Exchange now reportedly viewed as a preferred choice over the New York Stock Exchange (NYSE).

Meanwhile, political uncertainty in the UK and China reduces the appeal of both London and Hong Kong stock exchanges.

Aramco has reportedly asked major banks to submit proposals for potential roles in its planned IPO. The Saudi giant originally planned to raise around $100 billion by issuing 5% of the company’s capital.

In June, Saudi Crown Prince Mohammed bin Salman reiterated commitment to the IPO, expecting it to take place between 2020 and early 2021.