London — 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.
Securing the listing, in which Saudi Arabia expects to raise as much as $100bn 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.
LSE’s Schwimmer has traveled to Saudi Arabia several times this year, including to speak on a panel at a Riyadh financial summit in April. The former Goldman Sachs deal maker said at the time he was working closely with the local exchange to help small companies raise external funds. Aramco’s first attempt at a listing attracted a flurry of pitches from top global exchanges from New York to Tokyo seeking to host the listing. Smaller bourses, including Singapore and the Toronto Stock Exchange, were also vying for a role. Their hopes were dashed when Aramco put the IPO plans on hold after more than two years of preparations and instead decided to buy a $69bn stake in local chemical giant Saudi Basic Industries.
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