Saudi Aramco to Select Underwriters for Its IPO This Week

Published September 4th, 2019 - 08:00 GMT
Aramco plans to tell banks later this week or early next week whether they got a role on the offering, the people said.
Aramco plans to tell banks later this week or early next week whether they got a role on the offering, the people said. (Shutterstock)
Highlights
Global investment banks are finishing up a week of pitches that started last Tuesday in Dhahran, the eastern Saudi city where Aramco is based, according to the people.

Saudi Aramco aims to select underwriters for its initial public offering as soon as this week, as the energy giant accelerates preparations for the world’s biggest share sale, people with knowledge of the matter said.

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Global investment banks are finishing up a week of pitches that started last Tuesday in Dhahran, the eastern Saudi city where Aramco is based, according to the people. Some firms seeking a role on the deal made presentations in Dubai or London, the people told Bloomberg.

Aramco plans to tell banks later this week or early next week whether they got a role on the offering, the people said.

Aramco is expected to choose about four or five banks to lead the IPO marketing as joint global coordinators, while a larger number will work on the deal in more junior capacities, the people said. It is considering selling shares on the Saudi stock exchange as soon as late this year or early next year, with a potential international listing at a later date, the people said.

The Saudi Press Agency announced Tuesday that Yasir al-Rumayyan, governor of the Saudi Public Investment Fund, has been appointed as Aramco chairman.


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