Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to people familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
The New York-based boutique investment bank had been shortlisted along with Evercore Partners Inc. as a potential adviser for the deal, people familiar with the matter said last month. Aramco, as the company is known, was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly, the people said at the time.
The mandate is a coup for Moelis, a boutique firm founded in 2007 by former UBS Group AG dealmaker Ken Moelis. While the bank has advised on other large deals in the Middle East, such as the $25 billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.
The IPO, which is predicted to raise about $100 billion, may yield millions of dollars in fees and push…