Leading stock exchanges vie for Aramco honour
Senior officials are making the approaches to host oil giant’s IPO
London (Bloomberg): The largest global stock exchanges have restarted efforts to court Saudi Aramco as the battle to host the world’s biggest-ever initial public offering heats up again.
Top officials from London Stock Exchange Group Plc, the New York Stock Exchange and Hong Kong Exchanges & Clearing Ltd. have been actively pitching the oil giant in recent weeks. LSE CEO David Schwimmer is among those who visited Saudi Arabia in the past month to woo Aramco officials.
Securing the listing, which Saudi Arabia expects to raise as much as $100 billion in proceeds, would be a coup for the bourses as they tackle low volumes and increased volatility in financial markets. While Aramco is planning a local listing on the Saudi stock exchange as part of the IPO, it hasn’t made a decision on other venues, according to the people.
Aramco, which is the world’s most profitable company, has already chosen Lazard Ltd. and Moelis & Co. to advise on the listing.