By Innovation-sa on September 3, 2019 in News

Global bankers are heading to Saudi Arabia this week to compete for what is expected to be the world’s biggest initial public offering (IPO). Saudi Aramco has invited more than 20 advisory firms from the U.S., Europe and Asia to compete in the IPO project.


The headquarters of Saudi Aramco in Dhahran will receive deal maker’s representing advisory firms from around the world to compete for a role on the offering which is expected to take place in 2020.


The company, which published a profit of $46.9 billion in the first six months of 2019, has revived it’s much anticipated share sale after shelving plans to focus on its acquisition of a 70 percent stake in Saudi Basic Industries Corp.


Moreover, Lazard Ltd. And Moelis and Co. have restarted preparatory work for the IPO and are expected to play a major role in the listing and selection process of underwriters and venues.


Bloomberg – 25 August 2019