Saudi Aramco has so far selected nine banks to subscribe: JP Morgan Chase & Co., Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Citigroup, HSBC Holdings and Credit Suisse as well as two local investment banks, the Wall Street Journal reported.
Saudi Aramco's IPO is expected to earn billions of dollars in favor of the Crown Prince Mohammad bin Salman's economic development program, which aims to diversify the kingdom's economy away from oil and improve the lives of Saudis.
According to informed people, senior bankers are supposed to meet in Dubai for the first IPO team meeting.
It's noteworthy that Saudi Aramco plans to launch an IPO in two phases: the first to be on the local Saudi stock market before seeking an international IPO next year or in 2021.
