Feb 7 Independent investment bank Moelis & Co
was chosen as an adviser for the planned initial public
offering of Saudi Aramco on Tuesday, a source familiar with the
matter told Reuters.
Oil and gas company Saudi Aramco had invited banks in
January to pitch for an advisory position on what is expected to
be the world's biggest initial public offering.
Morgan Stanley and HSBC were banks that had
received a request for proposals. The invitation was to evaluate
Aramco's business and help it with measures surrounding the
This is a big win for boutique bank Moelis, which itself
went public less than three years ago, and its founder Ken
A Moelis spokesperson declined to comment and Saudi Aramco
was not immediately available to comment.
For Moelis, the Saudi Aramco mandate dwarfs previous IPO
advisory roles, which include luggage maker Samsonite on its
$1.3 billion IPO in 2011 and plastic pipe company Polypipe Group
Plc on its £320 million IPO in 2014.
The listing is the centerpiece of a Saudi Arabian government
plan to transform the kingdom by enticing investment and
diversifying the economy away from a reliance on oil.
Saudi officials expect the IPO to value Aramco at a minimum
of $2 trillion. (reut.rs/2k0avBn)
(Reporting by Lauren Hirsch in New York and Bhanu Pratap in
Bengaluru; Editing by Bernard Orr)