Saudi Aramco gives nine banks top roles to lead world's biggest IPO: Report

Aramco has selected JPMorgan Chase & Co , Morgan Stanley and Saudi Arabia's National Commercial Bank, which were previously working on the share sale

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International news: Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering (IPO), slated to be the world's largest, two sources familiar with the matter told Reuters on Wednesday.

The mandates have been heavily sought by the world's biggest investment banks for a transaction which, according to Saudi Crown Prince Mohammed bin Salman's initial plans, could generate around $100 billion for Saudi Arabia's state coffers.

The kingdom plans to list 1 per cent of the state oil giant - the world's largest oil company - on the Riyadh stock exchange before the end of this year and another 1 per cent in 2020, sources told Reuters this week, as initial steps ahead of a...read more

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