Saudi Aramco hires UBS, Deutsche as bookrunners for its IPO

LONDON/DUBAI: Saudi state oil company Aramco has hired UBS Group and Deutsche as bookrunners for its initial public offering, two sources familiar with the matter said, in a sign that the deal is moving ahead despite a recent attack on Saudi oil facilities. Aramco has started informing banks about the bookrunners’ roles, one of the sources said. Aramco finalised nine banks for top roles as global coordinators in recent weeks, Reuters has reported. More banks are expected to be named in junior roles, the sources said. Aramco has also added Barclays Plc and BNP Paribas SA as bookrunners, Bloomberg reported, citing people familiar with the matter. Doubts had emerged about the timeline of the potentially $20 billion domestic leg of the IPO among investors after last Saturday’s attacks on two sites that usually process and clean up about 5.7 million barrels per day. — Reuters