Saudi Aramco Picks Moelis to Ad­vise on Big­gest IPO

The Economic Times - - Around The World -

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.

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