Saudi Aramco Asks Banks to Pitch for IPO Roles

By Hadeel Al Sayegh and Saeed Azhar
Monday, August 19, 2019

Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said.

Aramco's planned IPO, which could potentially raise $100 billion, is the centrepiece of Saudi Arabia's economic transformation drive to attract foreign investment and diversify away from oil.

Request for proposals were sent to banks few days day ago, they said.

Aramco declined to comment.

The formal IPO process begins after Saudi Arabia's Crown Prince Mohammed bin Salman had said in June the government remained fully committed to the IPO, expecting it to take place between 2020 and early 2021.

His comments triggered a series of approaches by international investment banks which wanted to be involved, Reuters had reported citing sources.

Work on the deal was halted in 2018 when Aramco began a process to acquire a 70% stake in petrochemicals maker Saudi Basic Industries Corp.

The IPO process could formalise roles for some of the banks that had been previously working on the transaction, one of the sources said.

Before the IPO process was halted, JPMorgan, Morgan Stanley and HSBC were picked to play a leading role in the world's biggest ever IPO when the plan was first announced in 2016.

Boutique investment banks Moelis & Co and Evercore were also hired by Aramco as independent advisers, sources had said at that time.


(Reporting by Hadeel Al Sayegh and Saeed Azhar, Editing by Jane Merriman)

Categories: Finance Industry News Middle East

Related Stories

Yinson Production Closes $1B Investment to Drive Further Growth

Fugro Expands Geotechnical Testing Capabilities in Indonesia

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

CNOOC Starts Production at Offshore Field in South China Sea

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

Current News

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

CNOOC Starts Production at Offshore Field in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com