Deals
Saudi Aramco Picks Moelis to Advise on Biggest IPO
- Advisory mandate seen as coup for New York investment bank
- Moelis was competing with Evercore Partners for role in IPO
Why Does Saudi Aramco Need to Issue a Bond?
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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 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.