J.P. Morgan is close to scoring a Wall Street coup by winning lead role in history's biggest IPO
is close to winning the lead advisory role for the initial public offering of Saudi Aramco, the world's most profitable corporation, edging out rivals for the plum assignment, according to people with knowledge of the situation. A final decision is expected next week and could still change, the people said., which had been jockeying with J.P. Morgan for top billing on the deal, was hurt by its work leading the Uber IPO, according to these people.
With the title of lead advisor comes bragging rights in the high-stakes world of investment banking. Not only is J.P. Morgan in line for the biggest share of fees from a Saudi Aramco IPO, if it pulls off the listing smoothly, it is positioned well for future capital markets assignments from the firm.
An IPO was delayed last year by Mohammad bin Salman, known as MBS. At the time, Saudi officials said that they wanted to raise $100 billion by selling a 5% stake in Saudi Aramco, valuing the company at $2 trillion. That would far outstrip the $25 billion raised in the 2014 IPO of Chinese e-commerce company Alibaba.
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