Egypt’s EFG Hermes among banks on list for Saudi Aramco’s IPO
Egypt’s EFG Hermes is among banks that have secured bookrunner roles on Saudi Aramco’s initial public offering, people with knowledge of the matter told Bloomberg on Thursday.
Royal Bank of Canada, Banco Santander SA, Japan’s Mizuho Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and China’s BOC International Holdings Ltd. are also among 15 joint bookrunners chosen by Aramco.
Saudi Fransi Capital, Al Rajhi Capital, and Riyad Bank were also picked, the sources added.
The mandates have been heavily pursued by the world’s biggest investment banks for a transaction which, according to Saudi Crown Prince Mohammed bin Salman’s initial plans, could generate around $100 billion for Saudi Arabia’s state coffers.
The kingdom plans to list 1 percent of the state oil giant – the world’s largest oil company – on the Riyadh stock exchange before the end of this year. It also plans to list another 1 percent in 2020, sources told Reuters earlier this month, as initial steps ahead of a public sale of around 5 percent of Aramco.