Aramco Is Set to Pay Up to $450 Million in Fees to IPO Advisers - Bloomberg

Aramco Is Set to Pay Up to $450 Million in Fees to IPO Advisers - Bloomberg:

Advisers working on Saudi Aramco’s mammoth share sale may split a fee pool of as much as $450 million, according to people with knowledge of the matter, making it one of the biggest IPO pay outs globally.

The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working on its initial public offering, the people said, asking not to be identified because the information is private. The payment would represent a fee of about 1% on the $40 billion Aramco is seeking to raise -- relatively low in comparison to other markets.

JPMorgan Chase & Co. and Morgan Stanley are expected to be paid the most, the people said. The final amount paid to banks will depend on how much Aramco raises, they said. A representative for Aramco declined to comment.