Saudi Aramco is reportedly shelling out a whopping $450 million on adviser fees for its upcoming IPO

• Arabian oil giant, Saudi Aramco is reportedly shelling out hundreds of millions to advisors for its upcoming IPO.
• Bloomberg, citing sources familiar with the situation, said that Aramco was paying up to between $350 million to $450 million in fees to advisors from more than 20 different banks.
• Bloomberg added that JPMorgan and Morgan Stanley were expected to be paid the most.
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Saudi Aramco, the Middle Eastern oil-giant, is currently preparing for a jaw-dropping IPO and the firm is paying hundreds of millions in fees to advisors as it readies to go public.

That's according to Bloomberg, which, citing sources familiar with the situation, said that the firm is paying between $350 million to $450 million in fees to IPO advisors from over 20 different banks.

That payment according to Bloomberg would be around 1% of the $40 billion Aramco is looking to raise.

The sources added that Morgan Stanley and JPMorgan stand to benefit the most from the IPO advice fees. Goldman Sachs, HSBC, and Credit Suisse Group, as well as 15 book runners and three advisers, will also win from the listing, Bloomberg said.

Last week it was reported that Saudi Aramco was plowing forward with its IPO plans and could list 1% to 2% of its shares publicly as soon as next month. Aramco is also due to release a prospectus in Arabic on October 25, with an English follow up on the 27th.

After the attacks last month on two of Aramco's oil facilities, some speculated that the IPO could be delayed until the company comes back to full capacity. However, Amin Nasser, the CEO said that oil production would be at full capacity by the end of November.

Aramco officials in the past have valued the oil-giant at $2 trillion in the past, and the $40 billion figure would make it the largest IPO ever. Alibaba who current holds the record for the largest IPO paid roughly $300 million in advisor fees, according to Bloomberg.

Bloomberg's sources added that the firm's board is due to meet with advisors this week, to approve the final share sale, likely on Thursday.

A representative for Aramco declined to comment to Bloomberg.