Oil giant Saudi Aramco is reported to have investment banks Citi, Goldman Sachs, HSBC and Samba Financial Bank participate in its initial public offering (IPO), media reports said. 

The four investment banks are likely to play a significant role in Aramco’s IPO transaction along with JP Morgan and Morgan Stanley that were reportedly chosen before the process was stalled last year. 

The media said that JP Morgan might win the lead advisory role for Aramco’s IPO. If that happens, the bank will be firm positioned for future capital markets assignments from Aramco. However, the final decision is likely to be announced next week. 

The company is planning to sell a 5 percent stake by 2020 or 2021, which is anticipated to be the world’s largest IPO.  The company was planning to raise $100 billion through the sale, valuing it at $2 trillion. 

Aramco’s IPO is a push for economic diversification away from oil and to lure foreign investment. Last year, Aramco produced $111.1 billion in profit which is double Apple’s estimated profit. 

Khalid Al Falih, who is the Kingdom of Saudi Arabia’s energy minister was removed from his position as Aramco’s chairman by the country’s government. With that, Yasir Al Rumayyan is the new chairman and also leads the Kingdom’s sovereign wealth fund worth $320 billion.