JPMorgan, boutique bank may advise Aramco on IPO
M. Klein & Co. is reportedly in the running to provide the Saudi government with strategic advice, while JPMorgan may serve as an underwriter
JPMorgan and the boutique bank M. Klein & Co. may advise Saudi Arabia on the initial public offering (IPO) of Saudi Aramco, according to a Bloomberg report.
M. Klein & Co., headed by the former Citigroup banker Michael Klein, is reportedly in the running to provide the Saudi government with strategic advice, while JPMorgan may serve as an underwriter.
However, the Saudi government is still reportedly in early-stage talks and no final decisions have been made as of yet.
There's still a chance the deal will not go through.
The IPO, if successful, could turn the state-owned oil giant — worth trillions of dollars — into the world's largest publicly traded company.
The fact that Saudi Arabia was considering selling shares of Aramco came as a surprise to bankers. Saudi Arabia's Deputy Crown Prince Mohammed bin Salman told Bloomberg earlier this month that Aramco could list on the stock exchange as early as 2017 and no later than 2018.