Aramco Selects Nine IPO Managers

Aramco Selects Nine IPO Managers

Saudi Aramco has hired nine banks as joint managers of the company’s planned initial public offering (IPO), Reuters reported.

The chosen banks are Saudi National Commercial Bank (NCB) and Samba Financial Group, as well as JPMorgan Chase & Co, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Citigroup, and HSBC.

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.

Newly appointed Saudi Minister of Energy, Prince Abdulaziz bin Salman, recently told reporters that he is looking for the IPO to take place as soon as possible.

Meanwhile, Saudi Public Investment Fund (PIF) Governor Yasir Al-Rumayyan has been appointed as the new Chairman of Saudi Aramco.


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