New York’s Moelis wins mandate for Aramco IPO

New York-based boutique investment bank Moelis has won an equity advisory mandate for Saudi Aramco’s upcoming initial public offering, the Financial Times reported Tuesday.

Saudi Arabia plans to sell just five percent of Aramco’s shares, and the IPO is expected at around $100 billion, the world’s largest ever.

Saudi officials say the current valuation of Aramco, which is the world’s largest oil company, is around $2 trillion.

Moelis was founded in the middle of the 2007 financial crisis by veteran dealmaker Ken Moelis, FT reported. Other banks are still being considered to underwrite the offering.