#Saudi Aramco to Finalize Bank Selections for IPO This Week - Bloomberg

Saudi Aramco to Finalize Bank Selections for IPO This Week - Bloomberg:

Saudi Aramco aims to select underwriters for its initial public offering as soon as this week, as the state energy giant accelerates preparations for the world’s biggest share sale, people with knowledge of the matter said.

Global investment banks are finishing up a week of pitches that started last Tuesday in Dhahran, the eastern Saudi city where Aramco is based, according to the people. Some firms seeking a role on the deal made presentations in Dubai or London, the people said. Aramco plans to tell banks later this week or early next week whether they got a role on the offering, the people said, asking not to be identified because the information is private.

Aramco is expected to choose about four or five banks to lead the IPO marketing as joint global coordinators, while a larger number will work on the deal in more junior capacities, the people said. It is considering selling shares on the Saudi stock exchange as soon as late this year or early next year, with a potential international listing at a later date, the people said.