Aramco offers the best IPO roles to nine of the world's largest banks

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Saudi Aramco has given the role of leader in its share price to nine of the major world banks that would carry what will be the largest initial public offering (IPO) ever, Reuters reported Wednesday, citing two sources with knowledge of the issue.

The winners of the largest share sale in the world that will act as joint global coordinators are JP Morgan, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Citi, HSBC and the National Commercial Bank and Samba of Arabia Saudi Arabia and Samba, Reuters sources said.

JP Morgan, Morgan Stanley and National Commercial Bank had worked at the IPO before the Saudis put it on hold last year, according to sources.

Earlier this week, news emerged that JP Morgan had emerged as the leader for the role of principal consultant in the Aramco IPO.

The Saudi oil giant is ready to list on international markets alongside its main listing on the Saudi stock market, Aramco chief executive Amin Nasser said Tuesday, as the Kingdom has significantly accelerated the chronology of the IPO.

The top manager of the Saudi state-owned oil company has reiterated that it is up to the company's sole shareholder – the Kingdom of Saudi Arabia – to decide when the listing will take place.

Last week, Saudi Arabia began to accelerate the Aramco IPO, with Khalid al-Falih losing his role as chairman of Aramco's board of directors and energy minister. of the Kingdom. Abdulaziz bin Salman, son of the king and half-brother of the crown prince Mohammed bin Salman, is the new energy minister and represents an additional coalition of power around the crown prince.

The new energy minister of Saudi Arabia, Abdulaziz bin Salman, He said Monday in his first public comments after taking over from al-Falih that the Kingdom aims to make the IPO take place "as soon as possible".

Aramco's managing director, Nasser, said on Tuesday that a domestic listing would take place "very early."

By Tsvetana Paraskova for OilScore

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. (tagsToTranslate) Saudi Arabia (t) Aramco (t) Aramco IPO (t) MBS (t) Energy (t) Policy

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