Saudi Arabian state oil giant Saudi Aramco revealed its intentions towards it’s lining up banks for the long-awaited initial public offering as the sale is now imminent.
Chief Executive Officer Amin Nasser at an industry conference in Abu Dhabi said Banks will be selected “soon” .the acceptance of the underwriters will show that the share sale which is calculated to be the worlds largest so far will finally be in the offing after initial plans were put on hold last year due to certain reasons.
“We have always said Aramco is ready for listing whenever the shareholder decides to list,” Nasser said on Tuesday. “It’s going to be very soon.”
Various Global investment banks presented different pitches starting in late August. Saudi Arabian Oil Co., as the company is formally known, is expected to select four or five banks to lead the IPO marketing as joint global coordinators, while a larger number will work on the deal in smaller aspects.
While the main exchange to list shares will be in company base Saudi Arabia, foreign officials from London, New York, and Hong Kong have been pitching to host the IPO’s foreign section.
“We are ready for whatever the decision is to list locally – which will be the primary listing — but we are also ready for listing outside the kingdom,” Nasser said.