The Toronto Stock Exchange is vying for the massive Saudi Aramco initial public offering, exchange parent TMX confirmed to CNBC.
As part of collaboration talks between Canadian and Saudi Arabian leaders, "we are dedicating a portion of our effort toward attracting the Saudi Aramco IPO to TSX, Canada's premier stock exchange," Nick Thadaney, president and CEO, global equity capital markets at TMX, said in an emailed statement to CNBC.
"For our team, Saudi Arabia represents an opportunity beyond one transaction and has the potential to provide meaningful long-term benefits for Canada's capital markets and economy and to raise Canada's profile as a global competitor," Thadaney said.
Saudi officials are leaning toward listing the giant, state-operated oil company on the New York Stock Exchange, The Wall Street Journal reported Tuesday, citing sources familiar with the situation.
However, the report said the Toronto exchange has emerged as a contender for the oil giant's IPO — expected to be the largest ever — given Canada's familiarity with the energy sector and meetings between the two countries' leaders.
TMX spokesman Shane Quinn told CNBC in an email that TMX officials met with Saudi officials "of significant influence" during visits to Saudi Arabia in January and October.