Tuesday / June 25.
HomeChannelsFeaturedGoldman, HSBC on Aramco IPO short list

Goldman, HSBC on Aramco IPO short list

JPMorgan Chase & Co., Morgan Stanley, Gulf International Bank BSC, National Commercial Bank, Samba Financial Group and Saudi Fransi Capital are also being considered for the Tadawul Stock Exchange IPO, and a decision could come as soon as this week, said the people, who asked not to be named because the discussions are private. The IPO could raise more than $500 million for a 30 percent stake in the company, two of the people said.

 The stock exchange, the largest Gulf Arab bourse, is poised to appoint banks to manage its IPO and will make an announcement within a few days, chief executive officer Khalid Abdullah Al Hussan said in an interview on Tuesday in Riyadh. The exchange’s listing is expected in 2018. Its regional rival, the Dubai Financial Market PJSC, made its market debut in 2007.

Representatives for JPMorgan, Goldman Sachs, HSBC and Morgan Stanley declined to comment. Representatives for Tadawul, Gulf International Bank, National Commercial Bank, Samba Financial and Saudi Fransi didn’t immediately respond to requests for comment outside of regular business hours.-Bloomberg