Goldman Sachs seeks Saudi Aramco IPO role

Goldman Sachs has reportedly bought a portion of of Saudi Aramco's $10 billion revolving credit facility in a move to seek a role in the listing of the company.

The listing of 5 percent of the Saudi oil giant next year would be the world’s biggest IPO, and as Reuters, reports, It is common practice in capital markets to first seek banking relationships through loan transactions, followed by other deals.

Goldman Sachs, according to reports, bought “several million dollars in the secondary market from Australia and New Zealand Banking Group.”

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Aramco had in 2015 signed with a number of banks, and Goldman Sachs was not part of the original list of 27 banks on the credit facility.

JPMorgan Chase, Morgan Stanley and HSBC are international financial advisers hired for the IPO and according to Reuters sources, Goldman was expecting to join the trio as a global coordinator and bookrunner for the facility when those positions are finalized.