London bourse CEO fires back at Aramco IPO critics

London

LONDON Stock Exchange Group plc's Xavier Rolet hit back at criticism that listing rules were bent to pave the way for one of the world's largest initial public offerings.

The exchange went on a charm offensive after Saudi officials said they are looking to list as much as 5 per cent of Aramco in Riyadh plus one or two foreign exchanges. But the 200-member UK Investment Association, which represents funds managing more than £5.7 trillion (S$10.1 trillion), cried foul, saying that 25 per cent should be the minimum free-float level for any premium listed company in the UK, and that Saudi Aramco should not be an exception.