‘Toronto Exchange still legitimate contender’
TORONTO: The Toronto Stock Exchange (TSX) says it’s still in the running for part of the Saudi Arabian Oil Co (Aramco) listing, which could be the world’s largest initial public offering.
“Yes, we’re still in conversations and yes, it’s still a possibility,” said Lou Eccleston, chief executive officer of TMX Group Ltd, which owns the exchange, in an interview, here, on Wednesday. “We continue to pursue it. We are a legitimate contender.”
Saudi officials have said they are looking to list as much as five per cent of the company in Riyadh plus one or two foreign exchanges. It’s fiercely competitive, with London, New York, Hong Kong, Singapore, Tokyo and Toronto all named as possible candidates.
“It’s very competitive because it’s going to be very beneficial to the marketplace they choose,” said Eccleston, who joined TMX in 2014. Winners will benefit from fees as well as the public profile it would bring.
Wooing Aramco is part of a broader strategy initiated by Eccleston two years ago. This includes attracting more international listings and diversifying TSX’s traditional resource base into new areas, such as technology and life sciences.
Last year, TMX was the top global exchange for international listings and almost 30 per cent of its total revenue came from customers outside of Canada.
In the first quarter of the year, it came third globally for new listings, behind only Shanghai and Shenzhen. Bloomberg
TMX Group Ltd chief executive officer Lou Eccleston