Goldman, Citigroup said to be in lead for top roles in Saudi Aramco IPO

Attendees walk by a sign for the Saudi Arabian Oil Co. (Aramco) on display inside the King Abdulaziz Center for World Culture during a tour of the project in Dhahran, Saudi Arabia, on Friday, Nov. 25, 2016. Photographer: Simon Dawson/Bloomberg

Saudi Arabian Oil Co. is set to appoint banks including Goldman Sachs Group Inc. and Citigroup Inc. to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world’s largest share sale.

JPMorgan Chase & Co., HSBC Holdings Plc and Morgan Stanley, which have been advisers on the share sale, are also expected to be named as global coordinators, the people said, asking not to be identified because the information is private. Some banks pitching for roles on the IPO are tentatively valuing the company at between $1 trillion and about $1.5 trillion, they said.

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