The oil giant told banks of their selection Tuesday, the people said, asking not to be identified because the information is private. It plans to add more joint global coordinators to the deal, according to the people.
Bankers spent the beginning of the month making pitches in Aramco’s headquarters in Dhahran, with some additional presentations in Dubai and London, Bloomberg News has reported.
The company invited more than 20 advisory firms from the US, Europe and Asia to compete, including some of the world’s biggest underwriters as well as a number of smaller banks.
It was the final push in what was, for some, years of relationship building with Aramco in the kingdom’s otherwise sleepy Eastern Province.
The oil producer was originally working with Evercore Inc and Moelis & Co, as well as HSBC Holdings Plc, JPMorgan and Morgan Stanley, during its first attempt at a listing.
Local Offering
Aramco is considering selling shares on the Saudi stock exchange as soon as late 2019 or early 2020 with an international listing at a later date, people familiar with the matter said previously.
While Aramco has yet to make a decision on the overseas venue, top officials from the exchanges in London, New York and Hong Kong have been actively pitching the oil giant.
The company, officially known as Saudi Arabian Oil Co, declined to comment.
Aramco recently said it “continues to engage” with its owner on “IPO readiness activities” and is ready for a share sale that will take place “at a time of the shareholder’s choosing.”
Representatives for Goldman Sachs and JPMorgan declined to comment.
The on-again-off-again plans for an Aramco listing had been put on hold as the firm focused on a US$69 billion deal for a majority stake in petrochemical maker Saudi Basic Industries Corp.
When the preparations were revived this year, many of the banks that won roles initially had to start over, leading some to wonder whether it was worth the effort.
The IPO project was first announced in 2016 as the cornerstone of the kingdom’s Vision 2030 plan to modernise its economy, with a target of listing in the second half of 2018.