Saudi Aramco selects lead underwriters for $100bn IPO

Oil giant Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters on the firm’s planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.

Saudi authorities are aiming to list up to 5 per cent of the world’s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100bn.

The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.

Also read: Saudi favours New York for Aramco IPO