UPDATE 1-JPMorgan close to winning lead advisory role for Saudi Aramco IPO - source
- Country:
- United States
JPMorgan Chase & Co is close to winning the lead advisory role for Saudi Aramco's initial public offering, a source familiar with the situation said on Sunday. Reuters reported last month that Aramco formally asked major banks to submit proposals for potential roles in its planned IPO.
A final decision is likely to come later this week, the source told Reuters, asking not to be identified. Saudi officials want to push ahead with a listing as early as November, the source said, adding that the tentative plan is to first list on the domestic exchange and then to sell stock in an international listing in 2020.
CNBC reported earlier on Sunday that Morgan Stanley had competed with JPMorgan, but its chances were hurt by its work leading the IPO of Uber as Saudi officials were not pleased with Morgan Stanley bankers misjudging demand. Aramco did not immediately respond to a request for comment outside working hours. JPMorgan declined to comment.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- source
- Saudi Aramco
- JPMorgan Chase & Co
- Saudi
- bankers
- Morgan Stanley
- Uber
- CNBC
ALSO READ
US State Secy Blinken speaks to Turkish, Chinese, Saudi counterparts on avoiding escalation in Middle East
Al-Hilal Dominates Al-Ittihad with 4-1 Victory in Saudi Super Cup Final
Soccer-Al-Hilal crush Al-Ittihad to lift Saudi Super Cup
Blinken spoke to Turkish, Chinese, Saudi Arabian counterparts on avoiding escalation in Middle East
Soccer-Al-Hilal crush Al-Ittihad to lift Saudi Super Cup