JPMorgan sees more Saudi firms looking at overseas listings after Aramco

JPMorgan is in early talks with Saudi Arabian companies about overseas listings, its investment bank chief said, raising the possibility that more firms could join oil giant Saudi Aramco in seeking an international flotation.

JPMorgan is among the banks advising Aramco on an international public offering (IPO), sources have told Reuters.

Aramco's listing is part of economic reforms being pushed by Crown Prince Mohammed bin Salman, who wants to make the kingdom less reliant on oil and has been consolidating his power with sweeping arrests that officials say aim to end corruption.

“If you want these companies to grow, they must have access to international capital markets,” Daniel Pinto, chief executive of JPMorgan's investment bank, told Reuters about the possibility of other Saudi international listings.

“Local companies have expressed interest to us. They are at a preliminary stage,” he said in an interview in Abu Dhabi.

This was the first time an influential banker has said Saudi firms other than Aramco could seek IPOs overseas.