JPMorgan, Goldman Among Banks Vying for Arab Refining IPO
- Citigroup, EFG Hermes, HSBC, RenCap also in running to advise
- ARC’s offering may join series of other Egyptian IPOs in 2020
Photographer: Simon Dawson/Bloomberg
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JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among the banks competing to advise Egypt’s Arab Refining Co. on its initial public offering, a person familiar with the matter said.
EFG Hermes Holding Co., HSBC Holdings Plc and Renaissance Capital are also in the running, the person said, asking not to be identified because the talks are confidential. Arab Refining will pick as many as three of the banks in the second quarter of 2020 to advise on details such as the size of stake to offer.