Saudi Aramco is gearing up to be the biggest IPO in history. Now we are learning more about the banks that could be raking in mega-fees for taking the company public.
Saudi Aramco recently added HSBC as a lead underwriter because of its strong ties to China. Last month, the company announced that JPMorgan and Morgan Stanley would also be lead underwriters on the IPO.
It would make sense for JPMorgan to play a major role. Aramco's Chairman Khalid Al-Falih has been a member of the bank's International Council since 2010. Before that, former Chief Executive Abdallah Saleh Jum'ah served on the council until 2009.
Former Chevron (CVX - Get Report) CEO David O'Reilly had brief stints at both JPMorgan and Aramco. And, former Exxon Mobil (XOM - Get Report) CEO Lee Raymond sits on JPMorgan's board giving the bank an officer with oil and gas expertise.
We know Saudi Aramco shares will trade on the Tadawul, Saudi Arabia's stock exchange. The company has not yet announced a foreign exchange but, TheStreet has learned Aramco is in advanced talks with the New York Stock Exchange.