JPMorgan and Morgan Stanley set for lead Saudi Aramco IPO roles:
"Saudi Arabia is close to appointing the banks that will be lead underwriters on the initial public offering of Saudi Aramco, the world’s largest oil producer, which is aiming to become the most valuable listed company. JPMorgan, Saudi Aramco’s longstanding commercial banker, is in pole position to be a global co-ordinator and bookrunner for the planned sale of a 5 per cent stake in the state-controlled company in 2018, according to several people briefed on the flotation process. Morgan Stanley is also expected to be a global co-ordinator and bookrunner on the listing, said some of these people. The bank held this role on the flotation of Alibaba, which in 2014 set a new record for IPOs by raising $25bn from investors."
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