Alongside former Citigroup rainmaker Michael Klein (who now runs his own boutique, M Klein & Co.), JPMorgan (NYSE:JPM) has been selected by The Kingdom to advise on the IPO of Saudi Arabian Oil Company, reports Bloomberg.
Sources say Klein is providing strategic advice to the government, while JPMorgan is prepping the IPO and could be among the underwriters.
Prince Mohammed bin Salman says the government plans to sell less than a 5% stake in the company, which is expected to have a market value in the trillions of dollars.
JPMorgan was the sole international financial advisor on the $2.5B IPO of Saudi Arabian Mining Co. in 2008.
Now read: Sale Of Saudi Aramco: 3 Things You Should Know (April 18)
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