Saudi Aramco picks Evercore to advise on IPO: report

State-owned Saudi Aramco has roped in New York-based investment bank Evercore Partners Inc. to advise on its upcoming initial public offering (IPO), Bloomberg reported, citing unnamed sources familiar with the matter.

Evercore’s chief executive Ralph Schlosstein will personally work on the deal.

Last month, the oil giant also mandated New York-based boutique investment bank Moelis to play an advisory role in the offering.

Both firms will help the state-run oil producer appoint other underwriters, make decisions on potential listing markets, and ensure a smooth IPO process.

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. The listing is expected in the second half of 2018.

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