Giant Aramco listing a critical test for young Saudi exchange - Reuters:
The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia’s young and untested Tadawul stock exchange.
The Tadawul has said it has been preparing for years and is primed for the long-awaited share sale in coming weeks. But hosting possibly the biggest initial public offering in history represents a huge leap into the big league for a 12-year-old exchange that only admitted foreign investors four years ago.
Mega-IPOs have a record of causing technical glitches on stock markets as they can lead to a surge in trading orders that swamp an exchange’s system and can prevent investors from buying or selling stock.
Facebook’s (FB.O) 2012 listing on Nasdaq, for example, was hit by widespread delays and problems processing the huge volume of orders. And that was a smaller IPO than Aramco’s is expected to be, on a marquee exchange with more than four decades of experience; the Nasdaq Composite index today hosts more than $13 trillion worth of shares, according to Refinitiv data, about 27 times th
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