Goldman, Citi to manage Aramco IPO: reports

Goldman Sachs and Citigroup will be among the leading co-ordinators of Saudi Aramco’s IPO, expected later this year, international media reported on Monday.

Morgan Stanley, JPMorgan Chase and HSBC are expected to be some of the other names on the list, anonymous sources told Bloomberg. Though the entities mentioned declined to comment, a separate Reuters report citing anonymous sources mentioned Deutsche Bank as well as Citigroup and Goldman Sachs as banks whose officials have been invited to Saudi Arabia for talks linked to the IPO.

The reports came days after Aramco was converted to a joint-stock company as part of the preparations for the sale of 5% of its shares, whose estimated worth is about USD 100 million. The IPO is expected to be the world’s largest to date and some of the largest stock exchanges including those in London, New York, Singapore, Hong Kong, Tokyo and Toronto have been vying to host it.