NYSE won’t loosen listing requirements for Aramco IPO, says exec

The New York Stock Exchange (NYSE) has ruled out the possibility of diluting its stricter disclosure requirements to win the foreign listing of Saudi Aramco's initial public offering (IPO), Reuters reported, citing a senior NYSE executive.

“You don’t see the United States bending over backwards to accommodate any specific company like you see in other jurisdictions,” John Tuttle, head of global listings at the NYSE, told Reuters in an interview on the side-lines of the World Economic Forum in Davos.

Tuttle’s statement came after the UK’s Financial Conduct Authority last year proposed loosening its requirement that companies eyeing a premium listing on the London Stock Exchange (LSE) have a free float of at least 25 percent. The move was seen as a bid to attract the lucrative listing, planned for later this year.

Saudi Arabia plans to sell a 5 percent stake in the world’s top oil exporter, as the Kingdom looks to diversify its economy through privatization and fiscal reforms. The listing is expected to be the world’s largest, valued at $100 billion.

On Wednesday, Saudi Aramco president and CEO Amin Nasser reiterated that Aramco is fully ready for its IPO in the second half of this year, but the venue of the listing will be decided by its shareholder.