London Stock Exchange CEO looking to woo Aramco IPO listing
While accompanying British Prime Minister Theresa May on her trip to Saudi Arabia, Xavier Rolet, Chief Executive Officer of the London Stock Exchange, will meet with Saudi officials in an effort to win the lucrative Saudi Aramco listing. City AM photo by Greg Sigston.
Saudi Aramco IPO could be worth $100 billion
The CEO of the London Stock Exchange is accompanying British Prime Minister Theresa May on her trip to Saudi Arabia. Xavier Rolet is hoping to convince Saudi officials to list the Saudi Aramco IPO on the LSE.
The London Stock Exchange joins a number of others hoping to convince Saudi Aramco to list its IPO, which Saudi officials say could be worth around $100 billion, on its exchange.
The LSE has seen few listings since Britain voted to leave the European Union. After the collapse of the LSE’s proposed merger with Deutsche Boerse, Rolet is hoping to convince investors that the exchange has a solid growth strategy.
The LSE is hoping to secure the Aramco IPO which would give the UK a major victory following the Brexit vote.
On Tuesday, Rolet will attend a finance roundtable at the Saudi stock exchange hosted by the Prime Minister, according to an official with the prime minister’s office. As well, Rolet will attend a meeting between May and Khalid al-Falih, the Saudi oil minister and chairman of Saudi Aramco.
Late next year, the kingdom is planning to sell five per cent of Saudi Aramco in what is believed to be the world’s larges IPO. The Aramco IPO is the centrepiece of the kingdom’s plans to reform Saudi Arabia’s economy away from the volatile oil sector.
Officials have suggested Saudi Aramco may be listed on more than two exchanges. So far, New Hong Kong, Singapore, Tokyo and Toronto have been identified as contenders to list the lucrative IPO.
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