The Egyptian investment bank EFG Hermes Holding S.A.E. was picked by Saudi Arabia to be one of 15 banks that have secured joint bookrunner roles on Saudi Aramco’s Initial Public Offering (IPO), Bloomberg has reported.

The Egyptian investment bank EFG Hermes Holding S.A.E. was picked by Saudi Arabia to be one of 15 banks that have secured joint bookrunner roles on Saudi Aramco’s Initial Public Offering (IPO), Bloomberg has reported.

Middle Eastern firms Saudi Fransi Capital, Al Rajhi Capital, Riyad Bank, and EFG Hermes joined other banks including Chinese investment bank BOC International Holdings Ltd. and Tokyo-based Sumitomo Mitsui Financial Group Inc. to be among the 15 joint bookrunners chosen by Aramco.

Aramco is stepping up efforts to recover from September 14 terror attack, the biggest attack in its history. The attack targeted Abqaiq processing plant and Khurais field, causing the oil-rich kingdom to lose 5.7 million barrels per day (b/d) of oil production.

The state oil giant plans to formally kick off its much-anticipated IPO next month by announcing the intention to float on October 20, with a target of listing as soon as November.