Goldman Sachs Group Inc. is back in the running for an advisory role on Saudi Arabian Oil Co.'s second attempt at an initial public offering, the Financial Times reported Aug. 20, citing several people briefed on the matter.
Former Trump administration official Dina Powell is part of a team of senior executives working to pitch for a role on what would be the world's biggest IPO, the publication said. Powell left Goldman Sachs in 2017 to fill a senior role in the Trump administration but came back to the investment bank a year later.
Goldman Sachs had failed to get a role on Aramco's last attempt at a public listing in 2017 when the oil giant tapped banks, such as Evercore Inc., JPMorgan Chase & Co., HSBC Holdings PLC, Moelis & Co. and Morgan Stanley as its advisers, according to the report.
But Goldman Sachs, which was hired as a book runner for Aramco's bond issue, is now reportedly conducting preparatory work for the listing ahead of any formal pitching process, several people familiar with the matter said according to the Financial Times.
Aramco is said to be speeding up the timeline for the IPO to as soon as early 2020 and has formally asked banks to pitch for roles in the listing. On Aug. 20, Bloomberg News reported that Aramco appointed Lazard Ltd. and Moelis as advisers on its planned listing. Lazard and Moelis reportedly started preparatory work on the offering and are expected to pick underwriters and listing venues.
Aramco, Goldman Sachs, Lazard and Moelis declined to comment, the Financial Times said.
