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Report: Aramco picks advisers for world's biggest IPO

Saudi Arabian Oil Co. tapped Lazard Ltd. and Moelis & Co. as advisers on its second attempt at the world's biggest initial public offering targeted in 2020, according to an Aug. 20 report from Bloomberg, citing unnamed sources.

The investment banks have begun preparatory work on the offering and are expected to pick underwriters and listing venues. Lazard and Moelis are also working to ensure Aramco can secure its valuation expectations, Bloomberg reported.

Lazard was not included as an adviser on the first listing attempt, but secured a role for the second listing attempt due to its success in the Aramco bond sale, according to Bloomberg. The firm will likely replace one of the initial advisers that worked on the listing plans.

The oil giant initially worked with Evercore Inc. and Moelis, as well as HSBC Holdings PLC, JPMorgan Chase & Co. and Morgan Stanley.

Sources told Bloomberg that Aramco is still planning to add more banks to the deal.

Reuters earlier reported that Aramco asked major banks to pitch their potential roles in the IPO a few days ago.

The company was also reported to be speeding up the timeline for the IPO to capitalize on the positive international reaction to the company's bond sale in April.

Saudi Arabia will use the proceeds for investments to modernize and diversify its economy and shift focus away from the upstream oil sector.