JP Morgan close to winning lead role in Saudi Aramco IPO

Pedro Gonçalves
clock • 1 min read

JP Morgan Chase is close to winning the lead advisory role for the initial public offering of Saudi Aramco, the world's most profitable corporation, edging out rivals for the what is likely to be the world's biggest IPO.  It will also likely add Citi, Goldman Sachs, HSBC and Samba Financial Bank to the list of banks managing the transaction, a first phase of which could take place locally before the end of this year, sources told Reuters. The "tentative plan", a source added, is to first list domestically before doing so internationally in 2020.  The oil giant's projected value is fro...

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