Equities

Reuters first to report Saudi Aramco asks banks to pitch for roles in IPO

Reuters first to report Saudi Aramco asks banks to pitch for roles in IPO

Reuters was first to report that Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, in what could be the world’s biggest IPO. Aramco’s planned IPO, which could potentially raise $100 billion, is the centerpiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify away from oil.