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

Iran Set to Keep Hormuz Shut Until Seven Demands Are Met

LNG Flows Through Hormuz Hit Seven-Month High

Qatar-Linked LNG Tankers Resume Hormuz Transits

Oil Drops as Hormuz Reopening Prospects Ease Supply Concerns

QatarEnergy's LNG Expansion Faces Delays from Hormuz Crisis

XRG, ADNOC and SEFE Deepen Gas Ties in Europe

Strait of Hormuz Shipping Marks Slight Rise

Iran Tightens Enforcement of Strait of Hormuz Transit Rules

ADNOC, SLB Roll Out AI Platform Across More Than 120 Drilling Rigs

Oil Rises as Uncertainty Clouds US-Iran Peace Talks

Current News

Valeura Starts Wassana Platform Installation Offshore Thailand

Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases

Yinson Production Raises $1.46B to Refinance Agogo FPSO

Oil Climbs on US Storm Threat, Saudi Attack Risks

KBR to Support Aramco’s Marjan Offshore Field Upgrade

Oil Industry Braces for Years of Market Disruption

Eni Taps Yinson Production for Major Ghana FPSO Gas Upgrade

ADNOC Signs Multi-Year LNG Supply Deal with Thailand’s Gulf Group

Iran Set to Keep Hormuz Shut Until Seven Demands Are Met

LNG Flows Through Hormuz Hit Seven-Month High

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