World’s biggest share sale on the cards if Saudi Arabia pulls off oil IPO
Saudi Arabian Oil is set to appoint Goldman Sachs and Citigroup to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale. JPMorgan Chase & Co, HSBC and Morgan Stanley, which have been advisers on the share sale, are also expected to be named as global co-ordinators along with those two banks, the people said, asking not to be identified because the information is private. The mandates could be finalised as early as this week, the people said. The list of banks is not final and more could be added, they said. Aramco, as the company is known, last month asked banks to pitch for roles as co-ordinators and bookrunners for the IPO, people familiar with the matter said at the time. Saudi Arabia is seeking to sell as much as 5% of Aramco as part of a plan by Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and reduce the economy’s rel...
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