Saudi Aramco Selects Lead Underwriters for $100 Bln IPO

Posted by Eric Haun

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 percent 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 $100 billion.

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.

(Reporting by Ismail Shakil in Bengaluru; Editing by James
Dalgleish)

Feb 21, 2017

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