The bulk of the banks leading the Aramco deal earned small fees of between $3m and $4m each for their roles in the world’s largest-ever IPO, according to people familiar with the matter, after the energy giant sidelined the banks as it switched its focus to local investors.

The Saudi government briefly achieved its coveted $2 trillion valuation for Aramco Thursday. Saudi Arabian Oil, as Aramco is officially known, had tasked nine investment banks with leading the offering, which earlier this month raised $25.6bn for the Saudi government from the sale of a 1.5% stake in the energy giant. That eclipsed Alibaba Group’s $25bn IPO in 2014 as the world’s biggest.