Saudi Aramco Chooses Morgan
Stanley, J.P. Morgan to Advise on IPO

Saudi Aramco selected Morgan Stanley and J.P. Morgan Chase & Co. to advise on its IPO. The firms join Moelis & Co., a boutique investment bank from New York that was chosen in early February. Morgan Stanley and J.P. Morgan are expected to serve as global coordinators and bookrunners. Saudi Aramco is considering multiple listing locations such as London and Toronto, but New York is currently the favored destination. The IPO is expected to be worth around $100 billion.