Saudi Aramco has invited banks to bid to become coordinators and bookrunners on its IPO, people familiar with the matter said, according to Bloomberg. The company sent out the request for proposals to banks over the past few days and aims to appoint a group of advisors by early next year, the sources added. The company did not disclose to the selected banks where it plans to list the shares, expected to be 5% of the company. The move would indicate that the company is favoring an international sale, after it had been reported that it was considering an offer of a direct sale to a Chinese consortium. The US and Japan have apparently been stepping up their lobbying efforts to dissuade the Saudi government from taking the China offer, the Wall Street Journal reports. The US is reportedly concerned that a Chinese stake in Aramco would create a close bond between Beijing and Riyadh.

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