The offering is part of the the deputy-crown prince Mohammed bin Salman's effort to diversify Saudi Arabia's economy away from oil and privatize the oil industry to boost employment, according to the report.
Moelis ( MC - Get Report) , a New York based boutique investment bank, has won the largest-ever equity advisory mandate for Saudi Aramco's long anticipated initial public offering, The Financial Times reported Tuesday.
Aramco, the world's largest oil company, has been considering Moelis, founded by Ken Moelis during the 2007 financial crisis, among others including Rothschild and Lazard to advise on the complex deal since September, according to reports.
Saudi officials expect the deal to be valued at about $2 trillion, which would make it the world's most valuable publicly traded company, the Financial Times reported, citing people familiar with the matter.
Aramco's sale of a 5% stake in the state-run company is expected to close next year, the report said, noting that size and timing could change.