Home / Business / Aramco gives the best IPO roles to nine of the world's largest banks

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

Saudi Aramco has awarded nine of the world's largest banks the leading listing role, which will lead to the largest IPO of all time, Reuters reported Wednesday, citing two knowledgeable sources

The winners of the world's largest share sale, the common Global coordinators include JP Morgan, Morgan Stanley, Merrill Lynch of Bank of America, Goldman Sachs, Credit Suisse, Citi, HSBC, and the National Commercial Bank and Samba of Saudi Arabia, sources told Reuters.

JP Morgan, Morgan Stanley and National Commercial Bank had been working on the IPO before the Saudis put it on hold last year.

Earlier this week, reports emerged that JP Morgan had emerged as the frontrunner for Aramco's leading advisory role on the IPO.

The Saudi oil giant is ready to list on international markets alongside its initial listing on the Saudi Stock Exchange, the head of Aramco. Chief executives Amin Nasser said on Tuesday that the UK has cut its IPO schedule noticeably.

The chief executive of the Saudi oil company reiterated that it is the sole shareholder of the company ̵

1; the Kingdom of Saudi Arabia – to decide when the listing will take place.

Last week, Saudi Arabia began accelerating Aramco's IPO, with Khalid al-Falih losing both his role as Chief Executive Officer of Aramco and Energy Minister of the Kingdom. Abdulaziz bin Salman, son of the king and half brother of Crown Prince Mohammed bin Salman, is the new energy minister and represents another power amalgamation for the crown prince.

Saudi Arabia's new energy minister Abdulaziz bin Salman reiterated Monday in his first public comments the acquisition of al-Falih that the kingdom will seek the IPO "as soon as possible".

Aramco CEO Nasser said on Tuesday that a listing on the domestic market would take place "very soon".

By Tsvetana Paraskova for Oilprice.com

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