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Report: Saudi Aramco selects bookrunners for IPO

Saudi Arabian Oil Co. selected bookrunners for its IPO, indicating the company is still pushing through with the deal even after an attack on its largest facility, Reuters reported Sept. 21, citing unnamed sources.

The company, also known as Saudi Aramco, hired UBS Group AG and Deutsche Bank AG, according to Reuters. Saudi Aramco has begun informing banks about the chosen bookrunners' roles, one of the sources told Reuters.

Saudi officials initially expected to delay the IPO after its Abqaiq facility was attacked Sept. 14, which could wipe out about 5.7 million barrels of oil per day. The processing plant is the company's largest oil processing facility, with a capacity of 7 million barrels per day, according to S&P Global Platts.

Saudi Aramco had selected nine banks to lead its IPO.

Saudi Arabia's initial plan was to sell about 5% of the oil giant, with the first 1% to be listed on the Riyadh Stock Exchange before year-end and another 1% on the same exchange in 2020. The company is targeting a $2 trillion valuation, with a 1% float expected to be worth $20 billion.

The local listing will be followed by an international offering, with London and Tokyo reported as potential exchanges.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.