Saudi Aramco is seeking bookrunners and coordinators for its proposed initial public offering (IPO), sources told Reuters.

The company plans to offer an IPO of up to 5% of its valuation next year.

JP Morgan, Morgan Stanley, and HSBC, as current advisors to the company, could have the inner track for roles in the IPO process, another source told the news agency.

Goldman Sacks and Citi are also competing for a role in the listing, according to Reuters.

The company is planning to make its appointments early next year, Bloomberg reports.

A final decision on the international listing location has yet to be made, according to Bloomberg, but London, New York, Hong Kong, Tokyo, and Toronto are considered the top competitors.