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Aramco to Select Lazard, Moelis for World’s Biggest IPO

  • Boutique banks have started preparatory work on the share sale
  • Lazard sent dealmakers from London, Paris, Houston to pitch
This Is Where Saudi Arabia Gets Its Oil

Photographer: Simon Dawson/Bloomberg

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Saudi Aramco has picked Lazard Ltd. and Moelis & Co. to advise on the oil giant’s second attempt at the world’s largest initial public offering, people with knowledge of the matter said.

The boutique investment banks have started preparatory work on the offering, according to the people, who asked not to be identified because the information is private. They are expected to play a key role in the listing, including in the selection of underwriters and listing venues as well as working to ensure Aramco can secure its valuation expectations, the people said.