{"id":125755,"date":"2019-07-03T05:00:31","date_gmt":"2019-07-03T05:00:31","guid":{"rendered":"https:\/\/www.bnreport.com\/banks-scramble-to-re-pitch-for-aramco-ipo-roles\/"},"modified":"2019-07-03T05:00:31","modified_gmt":"2019-07-03T05:00:31","slug":"banks-scramble-to-re-pitch-for-aramco-ipo-roles","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/banks-scramble-to-re-pitch-for-aramco-ipo-roles\/","title":{"rendered":"Banks scramble to re-pitch for Aramco IPO roles"},"content":{"rendered":"<p>London|Dubai: Investment <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/banks\" rel=\"noreferrer noopener\" target=\"_blank\">banks<\/a> are scrambling to re-pitch to advise Saudi <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Aramco\" rel=\"noreferrer noopener\" target=\"_blank\">Aramco<\/a> on a possible initial public offering, sources familiar with the matter said, with Saudi Arabias <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/energy\" rel=\"noreferrer noopener\" target=\"_blank\">energy<\/a> minister confirming plans for the listing to proceed in 2020 or 2021. \u201cBankers previously involved in the <a href=\"https:\/\/economictimes.indiatimes.com\/definition\/IPO\" rel=\"noreferrer noopener\" target=\"_blank\">IPO<\/a> are pushing for meetings with Aramco,\u201d one of the sources said.<\/p>\n<p>\u201cThere is some shifting in terms of what roles the banks might have if IPO talks go ahead.\u201d<\/p>\n<p>JPMorgan, Morgan Stanley and HSBC were picked to play a leading role in the worlds biggest-ever IPO when the plan was first announced in 2016. Boutique investment banks Moelis &amp; Co and Evercore were also hired by Aramco as independent advisers.<\/p>\n<p>But plans for a domestic and international listing were later postponed. The Saudi energy minister Khalid al-Falih, who also chairs Aramco, said on Tuesday the company was ready to start working on the longawaited listing, adding it could happen in 2020-2021.<\/p>\n<p>\u201cThe IPO process was never fully suspended,\u201d al-Falih said.<\/p>\n<p>\u201cWe have always been clear that the IPO will happen in the 2020-2021 timeframe. We have never stopped talking about the IPO.\u201d<\/p>\n<p>Al-Falih pointed to Aramcos $69.1-billion acquisition of a 70 per cent stake in petrochemicals firm Saudi Basic Industries (<a href=\"https:\/\/economictimes.indiatimes.com\/topic\/SABIC\" rel=\"noreferrer noopener\" target=\"_blank\">SABIC<\/a>) along with a recent $12-billion bond sale as the main reason for the IPO delay. \u201cNow that all of these i<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/ipos\/fpos\/banks-scramble-to-re-pitch-for-aramco-ipo-roles\/articleshow\/70050604.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>London|Dubai: Investment banks are scrambling to re-pitch to..<\/p>\n","protected":false},"author":1,"featured_media":125756,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-125755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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