JP Morgan Chase & Co is close to winning the lead advisory role for Saudi Aramco’s initial public offering, according to Reuters on Sunday.
Last month, Reuters reported that Aramco formally asked some banks to submit proposals for potential roles in its planned IPO. The source said that the final decision is likely to be made later this week.
Saudi officials want to advance with a listing as soon as November, with the tentative plan expected to be listed on the domestic exchange before the stock is sold in an international listing next year.
Aramco is also likely to give IPO roles to Citigroup, Goldman Sachs Group, HSBC Holdings and Samba Financial Bank, with the firm expected to appoint a number of advisers on its share sale in the near future.
CNBC reported on Sunday that Morgan Stanley had competed with JP Morgan, however, its chances were hindered by its work leading the IPO of Uber as Saudi officials were not happy with Morgan Stanley bankers exaggerating demand.