[Photo: menaherald.com]

Saudi Arabian Oil Co. - aka Aramco - hired Moelis & Co. to advise on its IPO, as it pushes ahead with plans to pursue the world’s biggest share sale. The NY-based boutique investment bank had been shortlisted along with Evercore Partners as a potential adviser for the deal. Aramco was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly.

The mandate is a coup for Moelis, a boutique firm founded in 2007 by former UBS Group dealmaker Ken Moelis. While the bank has advised on other large deals in the Middle East, such as the $25 billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.

The IPO, which is predicted to raise about $100 billion, may yield millions of dollars in fees and push Moelis up in global investment bank rankings. The company ranked 28th in M&A’s announced last year, according to data compiled by Bloomberg.

RECORD IPO.    Saudi Arabia is aiming to sell less than 5% of the company as part of a plan by Deputy Crown Prince Mohammed bin Salman to set up the world’s biggest sovereign wealth fund and reduce the economy’s reliance on hydrocarbons. The IPO would be the largest ever, dwarfing the $25 billion raised by Chinese Internet retailer Alibaba Group Holding Ltd. in 2014.