Battle for Aramco IPO Heats Up as Exchanges Vie for Supremacy - 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, people with knowledge of the matter said.
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, 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 identified because the information is private.
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.
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