By Pritam Biswas and Noel Randewich
June 4 (Reuters) - S&P Global said on Thursday it was not changing the requirements for entry into its major indices, dealing a setback to Elon Musk's **** eX by effectively ruling out a swift entry for the world's biggest-ever IPO into the benchmark S&P 500 index.
Musk has rewritten the IPO playbook for **** eX in many ways from planning to give retail investors a bigger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control.
The company is raising $75 billion and targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed firms, even as only a fraction of its shares are available for trading.
But S&P said "exceptions to the financial viability, seasoning, and IWF (investable weight factor) requirements should not be granted solely based on market capitalization".
June 4 (Reuters) - S&P Global said on Thursday it was not changing the requirements for entry into its major indices, dealing a setback to Elon Musk's **** eX by effectively ruling out a swift entry for the world's biggest-ever IPO into the benchmark S&P 500 index.
Musk has rewritten the IPO playbook for **** eX in many ways from planning to give retail investors a bigger role in allocations to pushing for early index inclusion, and structuring governance to preserve strong founder control.
The company is raising $75 billion and targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed firms, even as only a fraction of its shares are available for trading.
But S&P said "exceptions to the financial viability, seasoning, and IWF (investable weight factor) requirements should not be granted solely based on market capitalization".
5 months ago
