JPMorgan closer to winning lead advisory role for Saudi Aramco IPO

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JPMorgan closer to winning lead advisory role for Saudi Aramco IPO

JPMorgan Chase & Co., the US-based multinational lender headquartered in NY, had been getting closer to win the leading advisory role on IPO of state-controlled Saudi oil giant, Aramco in the Saudi domestic market, the largest firm in the world by net revenue, at least two sources briefed directly over the subject-matter had revealed on Sunday, the 8th of September 2019.

On top of that, latest development on Saudi Aramco’s IPO on domestic market came forth a few days after media reports had revealed last month that the Saudi oil giant had formally asked major multinational banks to submit their proposals for its initial public offering.

Aside from that, one of the two sources said on condition of anonymity that JPMorgan Chase & Co., the No. 1 lender in United States and sixth-largest lender in the world, was very close to ink a leading advisory role in Aramco’s IPO, but no decision had yet been finalized and a final decision could be announced at later part of the week.

Besides, the source had also added that Saudi Officials had been pushing for a public listing of Saudi Aramco in Saudi’s domestic market as early as this November after abandoning its earlier plan to seek a public listing in NYSE.

Nonetheless, another source had been quoted saying in terms of anonymity on Sunday (Sept. 8th) that Aramco officials were weighing on possibilities of an international listing by mid-2020.