Saudi Aramco said to tap JPMorgan, Morgan Stanley for IPO

Saudi Aramco has asked JPMorgan Chase & Co. and Morgan Stanley to assist with its upcoming initial public offering (IPO) and could call on another bank with access to Chinese investors, Reuters reported citing an unnamed source with knowledge of the matter.

The two banks have joined Moelis & Co in being tapped for leading roles in what is expected to be the world's biggest IPO worth $100 billion.

HSBC Holdings Plc has emerged as the leading contender for a role among a list of five banks that could provide a pipeline to Chinese investors, which is an important part of the offering, the source said, adding that the other four are Chinese banks.

The final lineup for banks could still be adjusted, the source said.

Up to 5 percent of the Aramco is likely to be listed on both the Saudi stock exchange in Riyadh and on one or more international markets, as part of the Saudi government's Vision 2030 to diversify the economy beyond oil.