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Sun 22 Sep 2019 08:36 AM

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Saudi Aramco said to add Barclays, Deutsche as bookrunners for IPO

Sources report that other banks picked include BNP Paribas, UBS Group, Gulf International Bank and Societe Generale

Saudi Aramco said to add Barclays, Deutsche as bookrunners for IPO

Saudi Aramco has added banks including Barclays Plc, BNP Paribas SA, Deutsche Bank AG and UBS Group AG as bookrunners on its planned initial public offering as it pushes ahead with plans for the blockbuster deal, people with knowledge of the matter said.

The energy giant also picked Credit Agricole SA, Gulf International Bank BSC and Societe Generale SA, the people said, asking not to be identified because the information is private. Aramco is planning to select about 15 bookrunners in total, including two Chinese firms, one of the people said.

Aramco is moving fast to add banks in junior roles on the deal after choosing the top underwriters last week. Bankers from the newly-appointed underwriters are flying to the Middle East for meetings with Aramco starting Monday, according to the people.

The oil producer, officially known as Saudi Arabian Oil Co., is still planning to add more local firms in junior roles on the offering, the people said. Representatives for BNP, Deutsche Bank, Societe Generale and UBS declined to comment. Aramco, Barclays, Credit Agricole and GIB didn’t immediately respond to requests for comment.

Aramco held kickoff meetings with the top banks in Dubai last week. Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley were chosen earlier for senior roles on the deal, Bloomberg News has reported.

Aramco aims to stick to its schedule for planned analyst presentations and hasn’t told banks of any plans to delay the IPO, even after devastating attacks on its biggest facilities slashed oil output, Bloomberg News reported this week.

The company was considering holding analyst presentations the week of Sept. 22 and listing on the Saudi bourse as soon as November, people with knowledge of the matter have said.

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