Saudi Aramco has reportedly chosen Barclays, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Gulf International Bank, and UBS Group as managers of its planned initial public offering (IPO), Bloomberg reported citing unnamed sources.
Earlier this months, Reuters reported that Aramco hired nine banks as joint managers of the company’s planned initial public offering (IPO).
The chosen banks were Saudi National Commercial Bank (NCB) and Samba Financial Group, as well as JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Citigroup, and HSBC.
Aramco is planning to choose about 15 book runners in total, including two Chinese firms.
Saudi Aramco is reportedly planning to list 1% of its shares on the Saudi Stock Exchange (Tadawul) before the end of 2019, and then list another 1% in 2020, before another 3% stake is listed through an international offering.