Saudi Aramco likely to give IPO roles to Citi, Goldman, HSBC and Samba: source
DUBAI - Saudi Aramco is expected to give lead roles to JPMorgan, Morgan Stanley and National Commercial Bank for its planned initial public offering , a source familiar with the transaction said.
Aramco is preparing to sell up to a 5% stake by 2020-2021, in what could be the world’s biggest IPO. It is still meeting banks pitching for roles on the deal, and is expected to appoint the advisers in the coming days, two of the sources said. The IPO is a centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.
It is not clear yet on which international exchange Aramco would list its shares, but sources have recently told Reuters that the board of Saudi Aramco has determined that listing in New York would carry too many legal risks to make it a realistic option.
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