Saudi Aramco Selects Nine Banks For Potentially World’s Biggest IPO

Sources have reported to Reuters that Saudi Aramco, Saudi Arabian national petroleum and natural gas company, has hired nine banks as joint global coordinators to lead its planned initial public offering (IPO) – slated to be the world’s largest.

According to the report, the sources (who declined to be identified due to commercial sensitivities) said that Aramco has selected the following nine banks:

  • JPMorgan Chase & Co (JPM.N), 
  • Morgan Stanley (MS.N) 
  • Saudi Arabia’s National Commercial Bank (1180.SE) 
  •  Bank of America Merrill Lynch (BAC.N), 
  • Goldman Sachs Group Inc (GS.N)
  • Credit Suisse Group AG (CSGN.S)
  • Citigroup Inc (C.N), 
  • HSBC Holdings PLC (HSBA.L) 
  • Saudi Arabia’s Samba Financial Group (1090.SE)

Meanwhile, the report shared that Aramco’s chief executive, Amin Nasser, has said this week that the domestic IPO would be the “primary” listing but that the company was also ready for an international share sale. 

“He said the final decision on venue and timing rested with the government,” the report added. 

Photo Source: Saudi Aramco

Written by

Cheryl Toh

Last updated on

September 12th 2019, 10:29 am

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