LSE says still aiming to attract Saudi Aramco’s IPO

London Stock Exchange (LSE) will continue lobbying to win part of Saudi Aramco’s planned initial public offering (IPO), Reuters reported on Wednesday, citing junior foreign office minister, Alistair Burt.

“We would like the Aramco share option to be issued in the United Kingdom and we will continue to suggest the City would be the best place for it,” Burt told the parliament

The Financial Conduct Authority (FCA), which regulates the financial services industry in the UK, and LSE are developing a new listing structure to lure the state-run oil producer and help it avoid the difficult corporate governance requirements of a primary listing, without being seen as second class, Argaam earlier reported.

Saudi Arabia is planning to list up to 5 percent of the world's largest energy producer in Riyadh, and in one or more international markets. The listing is likely to take place in the second half of 2018.