Tuesday 20 August 2019 6:26 pm

Saudi Aramco hires bankers for megalisting

Saudi Aramco has hired investment banks Lazard and Moelis to advise on its plans for its megalisting, expected to be the largest in history.

The two banks have started preparing the initial public offering (IPO), Bloomberg reported, citing sources.

Read more: Lower oil prices hit Saudi Aramco earnings

It comes as a boost to Lazard, which was not part of the original team which Aramco hired during its first attempt to list.

At the time it worked with Evercore, Moelis, HSBC Holdings, JP Morgan Chase and Morgan Stanley, Bloomberg reported. Lazard later advised it on a $12bn (£9.9bn) bond issue this year.

The Saudi Oil giant published its half-yearly results for the first time last week as it prepares for the listing.

The report showed that the company’s income before tax reached $92.5bn in the first six months of the year. Meanwhile revenue dropped slightly to $146bn.

Read more: Saudi Aramco Indian investment ‘among biggest ever’

As it prepares for the IPO, Aramco has tried to cement its position in Asian markets through a string of acquisitions.

Last week it bought a stake in India’s Reliance Industries, valuing the business at $75bn, while in March it bought 17 per cent of Korea’s Hyundai Oilbank for $1.3bn