Saudi Aramco has reportedly selected a New York-based boutique bank to advise the national oil giant on its initial public offering.

Sources told Bloomberg that the state-owned oil giant has selected Moelis & Company to advise the company on its IPO.

According to the Financial Times, Moelis & Co. will serve as the sole adviser for the IPO.

Bloomberg reported last month that Saudi Aramco was searching for a bank that will help choose underwriters for the IPO, help select exchanges to list the offer and help the company roll out the IPO.

Neither Saudi Aramco nor Moelis & Co. have commented on the matter.

Saudi Arabian Deputy Crown Prince Mohammed bin Salman said earlier this year that the he believes Saudi Aramco is worth more than $2 trillion.

Officials have said that the IPO will likely offer a 5 percent stake in Saudi Aramco’s entire business.

The kingdom’s government is expected to continue holding a majority stake in the company after the IPO is issued.

Saudi Arabian officials have said the company is targeting a 2018 listing date for the IPO.

Sources told Bloomberg earlier this week that Saudi Aramco hired HSBC Saudi Arabia and Riyad Capital to help the company with a sale of riyal-denominated bonds known as sukuk.

The bond sale is currently expected to take place before the IPO is listed.

Sources told Reuters last month that Saudi Aramco has asked Gaffney, Cline and Associates to perform an audit of its reserves ahead of the IPO.

Gaffney, Cline and Associates is a unit of Baker Hughes.

Dallas-based DeGolyer and MacNaughton was also reportedly tapped to conduct some audit work for the company, Reuters added.


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