Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

RBC, Santander, Mizuho Said to Win Coveted Roles on Aramco IPO

Published 27/09/2019, 02:33
Updated 27/09/2019, 04:09
RBC, Santander, Mizuho Said to Win Coveted Roles on Aramco IPO

RBC, Santander, Mizuho Said to Win Coveted Roles on Aramco IPO

(Bloomberg) -- Royal Bank of Canada, Banco Santander (MC:SAN) SA and Japan’s Mizuho Financial Group Inc. are among banks that have secured bookrunner roles on Saudi Aramco’s initial public offering, people with knowledge of the matter said.

Chinese investment bank BOC International Holdings Ltd. and Tokyo-based Sumitomo Mitsui Financial Group are also among 15 joint bookrunners chosen by Aramco, the people said. Middle Eastern firms Saudi Fransi Capital, Al Rajhi Capital, Riyad Bank and EFG Hermes were also picked, the people said.

Aramco is accelerating its listing plans after recovering faster than expected from the biggest terror attacks in its history. The state oil giant plans to formally kick off its much-anticipated IPO next month by announcing the intention to float on Oct. 20, with a target of listing as soon as November, Bloomberg News has reported.

The new banks join fellow bookrunners BNP Paribas (PA:BNPP) SA, Credit Agricole (PA:CAGR) SA, Deutsche Bank AG (DE:DBKGn), Gulf International Bank BSC, Societe Generale (PA:SOGN) SA and UBS Group AG, according to the people. Bank of America Corp (NYSE:BAC)., Citigroup Inc (NYSE:C)., Credit Suisse (SIX:CSGN) Group AG, Goldman Sachs Group Inc (NYSE:GS)., HSBC Holdings Plc (LON:HSBA), JPMorgan Chase (NYSE:JPM) & Co., Morgan Stanley (NYSE:MS), NCB Capital and Samba Financial Group are leading the deal as joint global coordinators, the people said.

Aramco is in the process of selecting co-managers and receiving banks, the people said. Lazard Ltd., Michael Klein and Moelis & Co. are working on the deal as independent financial advisers, according to the people.

Aramco is planning a listing on the Saudi stock exchange, which will include an institutional offering locally and internationally as well as a domestic retail tranche, one of the people said.

The oil producer is considering including additional deal structures -- such as a public offering without listing, or POWL, for Japanese investors and a so-called Canadian wrapper that would allow the deal to be marketed in the country, the people said. The company will confirm the potential inclusion of an employee tranche later, one person said.

Aramco didn’t immediately respond to a request for comment. Representatives for the banks had no comment or didn’t immediately respond to requests for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.