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Saudi Aramco selects lead underwriters for $100 billion IPO: WSJ

Reuters
A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed

(Reuters) - Oil giant Saudi Aramco has selected JPMorgan Chase & Co (NYSE:JPM - News), Morgan Stanley (NYSE:MS - News), and HSBC Holdings Plc (LSE:HSBA.L - News) as lead underwriters on the firm's planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.

Saudi authorities are aiming to list up to 5 percent of the world's largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion.

The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from reliance on oil.

(Reporting by Ismail Shakil in Bengaluru; Editing by James Dalgleish)