J.P. Morgan, Citi, Goldman, HSBC and Samba Likely to Win Saudi Aramco IPO Roles
Saudi Aramco is likely to select J.P. Morgan, Citi, Goldman Sachs and Samba Financial Bank for roles in its upcoming initial public offering.
J.P. Morgan is close to winning the lead IPO advisory role, sources told «Reuters», with a final decision likely to be unveiled later this week and the listing occurring as early as November.
The «tentative plan», the source added, is to first list domestically before doing so internationally in 2020.
The oil giant’s projected value is from $1.5 trillion to as high as $2 trillion, as per Saudi Crown Prince Mohammed Bin Salman’s (MBS) estimate. It reportedly first formally invited banks to submit IPO proposals last month.
The IPO was initially slated for last year to raise $100 billion by selling a 5 percent stake with the aim of reinvesting in non-oil sectors. It was subsequently delayed by MBS to pursue a $69 billion acquisition of a local chemicals firm.
