JPMorgan, Morgan Chase rumored to be lead underwriters for Aramco IPO

Aramco has selected JPMorgan Chase, Co and Morgan Stanley, and HSBC as the lead underwriters for its planned IPO, sources told The Wall Street Journal (paywall). Other unnamed sources told Reuters that only JPMorgan and Morgan Stanley were tapped to assist with the IPO, but that Aramco “could call on another bank with access to Chinese investors.” Reuters’ sources add that HSBC is said to be the leading contender for a role among a list of five banks that could provide a pipeline to Chinese investors, but that the final lineup for banks could still be adjusted. JPMorgan, Morgan Stanley, and maybe HSBC would be joining boutique investment bank Moelis & Co in the IPO transaction that is expected to be worth nearly USD 100 bn.