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Report: Banks to split up to $450M fee from Aramco IPO

Banks working on Saudi Arabian Oil Co.'s planned initial public offering might share a fee of between $350 million and $450 million, Bloomberg News reported Oct. 15, citing unnamed sources.

The fee is estimated to be around 1% of the $40 billion amount Saudi Arabian Oil, or Aramco, is aiming to raise, with JPMorgan Chase & Co. and Morgan Stanley expected to get the biggest share, according to the report.

Sources told Bloomberg News the final fee will still be based on how much will be raised in the IPO.

Aramco's board is slated to meet with its advisers on Oct. 17 to approve the stake sale, Bloomberg News reported.

Aramco reportedly hired JPMorgan Chase & Co., Bank of America Merrill Lynch, Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, HSBC Holdings PLC, Credit Suisse Group AG and Saudi Arabian banks National Commercial Bank and Samba Financial Group to lead its IPO.

The company had also picked UBS Group AG, Deutsche Bank AG and SMBC Nikko Securities Inc. as bookrunners.

Aramco's valuation is expected to drop from the $2 trillion that Saudi Arabia Crown Prince Mohammed bin Salman wanted, with $1.5 trillion seen as the more realistic amount by company executives, with support from the underwriters.

In the first phase of the IPO, Aramco was also reported to be aiming to sell a 1% to 2% stake in the domestic Tadawul exchange before the U.S. Thanksgiving holiday Nov. 28.

The local listing will likely be followed by an international IPO in Japan.

Aramco also said it is looking into hiking its stake sale from 5% to 10% of the company.