REUTERS/Hamad I Mohammed
(Reuters) – Oil company Saudi Aramco [IPO-ARMO.SE] has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters for its planned initial public share offering, 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 initial public offering and could raise up to $100 billion. The IPO is the centerpiece of the Saudi government’s ambitious plan, known as Vision 2030, to diversify the economy beyond oil.
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 on one or more international markets.
Saudi Arabian Oil Co, known as Saudi Aramco, was not…