Aramco invites global banks to pitch for IPO listing roles

Saudi Arabian Oil Co. (Saudi Aramco) has invited international banks, who are seeking to act as global coordinators in the oil firm’s proposed initial public offering (IPO), for meetings later this month, Reuters reported, citing banking sources familiar with the matter.

Executives from Citigroup, Goldman Sachs and Deutsche Bank are among the teams invited for the meetings that are likely to be held by the end of January or early February at Aramco’s headquarter in Dhahran.

The teams will comprise members of the banks’ equity capital markets and executives who will be directly involved with the IPO, rather than the top management.

Saudi Arabia changed the status of Aramco to a joint-stock company as of January 1. The status change is a mandatory step for Saudi firms before they can launch their IPOs.

The Kingdom plans to list up to 5 percent of the world’s largest oil producer on Tadawul, in addition to one or more international venues, in a listing that could raise $100 billion.