Saudi Aramco hires Moelis & Co.to advise on its IPO

Saudi Aramco picked Moelis & Co. to advise on its initial public offering, according to people familiar with the matter.

The New York-based boutique investment bank had been shortlisted along with Evercore Partners Inc. as a potential adviser for the deal.

Saudi Arabia is aiming to sell less than 5 percent of the company as part of a plan by Deputy Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on hydrocarbons.

Bloomberg

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