Riyadh – Mubasher: Saudi Aramco would choose a financial advisor to manage its initial public offering (IPO), which could be the biggest offering ever, by this month, Bloomberg quoted sources.
The news agency added that Aramco has already met a number of financial firms and banks including Rothschild & Co., Lazard Ltd. and Moelis & Co in the past few weeks.
Bloomberg stated earlier that Saudi Arabia as appointed JPMorgan Chase & Co. and the global investment banker Michael Klein to be the financial advisors for Aramco's IPO.
The Kingdom is planning to sell about 5% of Aramco through the IPO which is expected to be in early 2018, deputy crown prince Mohammed bin Salman said.
Moreover, Energy Minister Khalid Al-Falih noted that the Saudi oil company is not looking for strategic partners and the IPO will be open for all the investors.
