Middle EastSaudi Tadawul Group narrows banks for IPO process -sources
Hadeel SayeghSaeed Azhar
2 minutes read
Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company s upcoming initial public offering (IPO), three sources said.
Citigroup (C.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) were chosen, along with the securities unit of Saudi National Bank, Saudi Fransi Capital and HSBC Saudi Arabia, the sources said.
Tadawul, the kingdom s bourse operator, is expected to chose one local bank and potentially one or two international banks for its listing, they said. A final round of pitching for roles is taking place this week, they added.
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