JPMorgan, Morgan Stanley, HSBC to underwrite Saudi Aramco IPO
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Bengaluru
OIL company Saudi Aramco has selected JPMorgan Chase & Co, Morgan Stanley and HSBC Holdings plc as lead underwriters for its planned initial public share offering (IPO), the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The listing of Aramco is expected to be the world's biggest IPO and could raise up to US$100 billion. The IPO is the centrepiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy beyond oil.
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