June 4 (Reuters) – S&P Global said on Thursday it was not changing the rules for fast entry into their major indices, setting up a clash with Elon Musk’s SpaceX which is set to start trading on the public markets next week.
Musk has rewritten the IPO playbook for SpaceX 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.
S&P said “exceptions to the financial viability, seasoning, and IWF (investible weight factor) requirements should not be granted solely based on market capitalization”.
SpaceX is aiming to raise $75 billion, the biggest ever for an IPO, in a deal that would value it at $1.75 trillion, immediately placing it among the top 10 most valuable U.S.-listed firms.
(Reporting by Pritam Biswas in Bengaluru; Editing by Arun Koyyur)
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