(MENAFN) According to the Wall Street Journal reports, oil company Saudi Aramco had selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as underwriters on the firms' planned initial public sharing offering.
On the other hand, Saudi Arabian Oil Co, known as Saudi Aramco, was available for comment; JP Morgan declined to comment while Morgan Stanely and HSBC also could not be immediately reached for comment.
Earlier, Aramco is expected to be the world's biggest initial public offering and could raise up to USD100 billion, and the IPO is the centerpiece of the government's ambitious plan, known as Vision 2030, to diversify the economy beyond oil.
However, the IPO plan has been championed by Crown Prince Mohammed bin Salman, who oversees the country's energy and economic policies.
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