Saudi Aramco asks banks to submit proposals for potential roles in IPO

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed

Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources said, in what could be the world’s biggest IPO.

Aramco‘s planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.

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