The Saudi Aramco IPO is set to break the record for number of banks working on a single IPO in 2019 according to analysis by Refinitiv, Eurasia Diary reports citing London Business.
With Saudi Aramco hiring 25 bookrunners for its upcoming IPO, the listing will beat Avantor and Shanghai Henlius Biotech – joint record holders for 2019 that each hired 15 bookrunners. The Aramco syndicate is one shy of the global record holder, Postal Savings Bank of China, which listed in 2016 with 26 bookrunners and had the most for a non-Chinese company.
Lucille Jones, Analyst at Refinitiv Deals Intelligence, comments: “The Saudi Aramco listing, set to be one of the largest of all-time, had investment banks competing fiercely for mandates. While the deal is not expected to be highly lucrative in terms of fees, winning a mandate on this highly coveted listing will boost their standing in equity capital market league tables.”
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