Saudi Aramco is expected to give lead roles to JPMorgan Chase, Morgan Stanley, and National Commercial Bank (Al-Ahli NCB) for its planned initial public offering (IPO), Reuters reported.
JPMorgan Chase is close to winning the lead advisory role for the transaction, which could be the biggest in the world with around $100 billion in value.
Citi Bank, Goldman Sachs, HSBC, and Samba Financial Bank are expected to be added as well to the list of banks managing the transaction.
The Saudi company has recently asked major banks to submit proposals for potential roles in the highly anticipated IPO.
This comes as Aramco is reportedly considering a plan to split the IPO into two phases, with the first phase involving a local listing on the Saudi Stock Exchange (Tadawul) before the end of the year, while the second stage could take place in 2020 or 2021 through an international stock market, with Tokyo seen as the favored destination.