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JPMorgan close to winning lead advisory role for Saudi Aramco IPO -source

JPMorgan Chase & Co is close to winning the lead advisory role for Saudi Aramco's initial public offering, a source familiar with the situation said on Sunday.

By Joshua Franklin and Hadeel Al Sayegh

Sept 8 (Reuters) - JPMorgan Chase & Co JPM.N is close to winning the lead advisory role for Saudi Aramco's initial public offering, a source familiar with the situation said on Sunday.

Reuters reported last month that Aramco formally asked major banks to submit proposals for potential roles in its planned IPO.

A final decision is likely to come later this week, the source told Reuters, asking not to be identified.

Saudi officials want to push ahead with a listing as early as November, the source said, adding that the tentative plan is to first list on the domestic exchange and then to sell stock in an international listing in 2020.

Reuters also reported on Sunday that Aramco is likely to give IPO roles to Citigroup C.N, Goldman Sachs Group GS.N, HSBC Holdings HSBA.L and Samba Financial Bank 1090.SE, with the company expected to appoint the advisers on its share sale in the coming days.

CNBC reported earlier on Sunday that Morgan Stanley MS.N had competed with JPMorgan, but its chances were hurt by its work leading the IPO of Uber UBER.N as Saudi officials were not pleased with Morgan Stanley bankers misjudging demand.

Aramco and JPMorgan declined to comment.

(Reporting by Joshua Franklin in New York and Hadeel Al Sayegh in Dubai; additional reporting by Davide Barbuscia in Dubai; writing by Kanishka Singh in Bengaluru; Editing by Andrew Cawthorne and David Goodman)

((Kanishka.Singh@thomsonreuters.com; +91 80 6749 0021;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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