Saudi Aramco has reportedly tapped two of the world’s largest investment bank for roles in the company’s highly anticipated initial public offering.
A source close to the matter told Reuters that Saudi Aramco has hired JPMorgan Chase & Co and Morgan Stanley to assist in the company’s IPO.
The source also told Reuters that HSBC Holdings is currently the front-runner among a group of five banks that could give Aramco access to Chinese investors.
Neither Saudi Aramco, JPMorgan, Morgan Stanley nor HSBC have commented.
Earlier this month, sources told Bloomberg that Saudi Aramco has selected Moelis & Company to advise the company on its IPO.
Saudi Aramco has also reportedly tapped two U.S. based companies to perform an audit of its reserves ahead of the offering.
Sources told Reuters in January that Saudi Aramco has asked Gaffney, Cline and Associates, a unit of Baker Hughes, to perform an audit of its reserves.
The sources added that Saudi Aramco also tapped Dallas-based DeGolyer and MacNaughton to conduct some of the work.
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.