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Tuesday, 24 January 2017

Wanted: Banks to Advise on World's Biggest Ever IPO - Bloomberg

Wanted: Banks to Advise on World's Biggest Ever IPO - Bloomberg:

"Saudi Arabian Oil Co. is asking banks including Goldman Sachs Group Inc. and HSBC Holdings Plc to pitch for an advisory role on its initial public offering as it pushes ahead with plans for the world’s largest share sale, three people with knowledge of the matter said.

The company has also sent out the so-called request for proposals to lenders including Credit Suisse Group AG and Morgan Stanley, the people said, asking not to be identified as the process is private. Aramco, as it’s known, is targeting the second or third quarter of 2018 for the IPO and expects to select banks later this year, two of the people said.

Saudi Arabia plans to sell less than 5 percent of the company as part of plans by Deputy Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on hydrocarbons. The sale’s estimated size of $100 billion would make it the largest ever, dwarfing the $25 billion raised by Chinese internet retailer Alibaba in 2014."

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