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 Middle East Industry News

Related Stories

Timor-Leste: Chuditch-2 Well to be Drilled at New Location Following Site Surveys

Valeura Makes Three New Oil Discoveries in Gulf of Thailand

Petronas Books Three Velesto’s Jack-Up Rigs

Noble Viking Drillship Secures $80M Drilling Campaign with Prime Energy

Digitalization is Drawing CCS a New Learning Curve

Woodside Sells 15.1% Scarborough Stake to JERA for $1.4B

Borr Drilling Secures $82M for Three Jack-up Rigs

CNOOC’s Oil Field in Bohai Sea Starts Production

T7 Global's MOPU Set for Work at Valeura’s Gulf of Thailand Field

QatarEnergy Signs 15-year LNG Supply Deal with Excelerate Energy

Current News

SOVs – Analyzing Current, Future Demand Drivers

Decarbonization Offshore O&G: Navigating the Path Forward

Subsea Vessel Market is Full Steam Ahead

China's Imports of Russian Oil Near Record High

TotalEnergies Inks $530M Deal to Acquire Malaysia’s SapuraOMV

Energy Storage on O&G Platforms - A Safety Boost, too?

Malampaya Gas Field Exceeds Export Capacity Amid Grid Demands in Philippines

Timor-Leste: Chuditch-2 Well to be Drilled at New Location Following Site Surveys

Akastor’s Subsidiary Wins $101M Case Against Seatrium's Jurong Shipyard

ONGC Hires Consortium to Deliver FEED Work for Bay of Bengal Oil Field

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