Aramco picks Japan's SMBC Nikko Securities as bookrunner for IPO

A Saudi Arabian Oil Co. (Aramco) logo sits on an electronic display at the company's corporate pavilion during the 22nd World Petroleum Congress in Istanbul, Turkey, on Wednesday, July 12, 2017. Photographer: Kostas Tsironis/Bloomberg Photo by Bloomberg

Saudi Aramco has chosen SMBC Nikko Securities as a bookrunner for its initial public offering (IPO), the first Japanese financial firm to grab a role in the mega deal, three sources familiar with the matter said.

Aramco has hired over a dozen banks including U.S. and European banks to manage its IPO as it seeks to tap a wider global investor base for a potential $20 billion local listing in Riyadh of around 1% of the company’s shares.

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