New York, London said to vie for Saudi Aramco listing
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Executives from the New York Stock Exchange and London Stock Exchange (LSE) have held talks with Saudi Arabian Oil Co. (Saudi Aramco) officials to attract the listing of the oil giant next year oil producer, Financial Times reported, citing unnamed sources with knowledge of the matter.
London and New York are viewed as the only two bourses with the global investors, experience and liquidity required to lead an initial public offering (IPO) of this size, it was reported.
While the listing requirements on LSE are more favorable for the state-run oil producer, the huge size of New York makes it the best potential market for the planned listing, the sources said.
Saudi Arabia is planning to list up to a 5 percent stake of Saudi Aramco in 2018 on Tadawul, and also one or more international markets.
Last month, Hong Kong and Singapore were said to be vying to win part of what could be the world’s largest ever IPO, estimated to be worth $100 billion.
Other exchanges are also pitching for the secondary listing of Aramco, including Toronto and Tokyo.