Battle For Aramco IPO Heats Up As Exchanges Vie For Supremacy
Latest News: Saudi Aramco is the state-owned oil company of the kingdom of Saudi Arabia which is the biggest oil company in the world, helping the country become the biggest exporter of crude oil. Lond, Hong Kong & New York’s stock exchanges are all wooing the oil powerhouse, as Saudi Arabia’s government looks to take a part of the company public. If that happens it’s set to be the largest IPO in history.
Now, its news going viral in the stock market regarding the IPO of Aramco. The biggest global stock exchanges keep the efforts to court Saudi Aramco as the battle to relieve the world’s biggest-ever(IPO) Initial Public offering heats up again, public with knowledge of the matter said.
Famous Officials from New York Stock Exchange, Hong Kong Exchange & clearing Ltd and London Stock Exchange Group Places have been actively pitching the oil giant in recent weeks, according to the people. LSE chief executive officer David Schwimmer is among those who visited Saudi Arabia in the past month to woo Aramco officials, the people said, asking not to be noticed because the information is private.
Securing the listing, which Saudi Arabia anticipates setting as much as $100 billion in proceeds, would be a coup for the bourses as they tackle fewer volumes and high volatility in financial markets. While Aramco is designed 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.