Saudi Aramco picks Moelis to advise on biggest IPO
LONDON: Saudi Arabian Oil Co hired Moelis & Co to advise on its initial public offering, according to people familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
The New York-based boutique investment bank had been shortlisted along with Evercore Partners Inc as a potential adviser for the deal, people familiar with the matter said last month. Aramco, as the company is known, was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly, the people said at the time.
The mandate is a coup for Moelis, a boutique firm founded in 2007 by former UBS Group AG dealmaker Ken Moelis. While the bank has advised on other large deals in the Middle East, such as the $25 billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.
The IPO, which is predicted to raise about $100 billion, may yield millions of dollars in fees and push Moelis up in global investment bank rankings. The company ranked 28th in mergers and acquisitions announced last year, according to data compiled by Bloomberg.
Representatives for Moelis and Aramco declined to comment. The Financial Times had previously reported that Moelis won the advisory role.
The New York-based boutique investment bank had been shortlisted along with Evercore Partners Inc as a potential adviser for the deal, people familiar with the matter said last month. Aramco, as the company is known, was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly, the people said at the time.
The mandate is a coup for Moelis, a boutique firm founded in 2007 by former UBS Group AG dealmaker Ken Moelis. While the bank has advised on other large deals in the Middle East, such as the $25 billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.
The IPO, which is predicted to raise about $100 billion, may yield millions of dollars in fees and push Moelis up in global investment bank rankings. The company ranked 28th in mergers and acquisitions announced last year, according to data compiled by Bloomberg.
Representatives for Moelis and Aramco declined to comment. The Financial Times had previously reported that Moelis won the advisory role.
