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London tussles for Aramco IPO

The battle to be the lead international market for Saudi Arabian Oil Company’s proposed mega-listing is turning in the London Stock Exchange (LSE)’s direction, according to a range of sources. Reuters news agency on 27 July said Saudi Aramco’s advisers had recommended the LSE for what is expected to be the world’s biggest initial public offering (IPO). A controversial plan by the UK Financial Conduct Authority (FCA) to create a new listing category for companies controlled by sovereign states has improved the LSE’s chances of hosting the Aramco IPO, which could be followed by other big Gulf listings, which could include Omani and Abu Dhabi oil assets.

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