JPMorgan Chase & Co. is close to being named lead adviser on the initial public offering of Saudi Arabian Oil Co., or Saudi Aramco, CNBC reported, citing people with knowledge of the situation.
The plan could still change, but Saudi Aramco is expected to make its final decision during the week of Sept. 9, according to the report.
The oil company also will likely hire Citigroup Inc., Goldman Sachs Group Inc., HSBC Holdings PLC and Samba Financial Group, Reuters reported.
CNBC's sources told the news outlet that Morgan Stanley's work on the Uber Technologies Inc. IPO hurt its chances to lead Saudi Aramco's, saying officials in the country were unhappy after Uber's stock fell in the first two trading days and remains below the IPO price. Saudi officials hold a stake in Uber through the country's sovereign wealth fund.
In August, the state-run oil company asked banks to pitch their potential roles for the IPO, which it is accelerating to as soon as early 2020. This is the company's second attempt at an IPO after it shelved plans in 2018. Reports in recent weeks showed Lazard Ltd. and Moelis & Co. winning advisory roles and Goldman in the running as well.
Saudi Aramco, along with its advisers, will make a decision on moving forward with its IPO and setting its valuation in October, CNBC reported.
