Aramco picks SMBC Nikko Securities as first Japanese bookrunner for IPO: sources - Reuters

Aramco picks SMBC Nikko Securities as first Japanese bookrunner for IPO: sources - Reuters:

Saudi Aramco has chosen SMBC Nikko Securities as a bookrunner for its initial public offering (IPO), the first Japanese financial firm to grab a role in the mega deal, three sources familiar with the matter said.

Aramco has hired over a dozen banks including U.S. and European banks to manage its IPO as it seeks to tap a wider global investor base for a potential $20 billion local listing in Riyadh of around 1% of the company’s shares.

The selection of a Japanese financial player comes amid speculation about Tokyo being a possible overseas destination for the Aramco listing.