Saudi Aramco's IPO receives SAR 14.59 bln orders from retail investors

The institutional and retail tranches of Saudi Aramco’s initial public offering (IPO) have received SAR 72.99 billion in orders five days after the offering start date, Samba Capital, the offering lead manager, said.
 

Institutional investors injected SAR 58.39 billion to subscribe to 1.82 billion shares.

In addition, 1.82 million retail investors subscribed to 456.08 million shares worth SAR 14.59 billion.
 

"The orders placed by retail and institutional investors in the first five days of Aramco's IPO reached unprecedented levels, showing investor confidence in the Saudi oil giant," Rania Nashar, CEO of Samba Capital.
 

"We expect stronger turnout over the remaining period of the offering," Nashar added.
 

The world's largest oil exporter has launched on Nov. 17 its initial public offering (IPO) for retail and institutional investors, Argaam reported.

The retail offering will close on Nov. 28, while the deadline to submit bid forms for institutional investors is set for December 4.

Retail investors in the world’s biggest IPO will have to bid at the top end of the price range (SAR 32). The Saudi oil producer will sell up 0.5%, or 1 billion shares of the total offer shares to retail investors.

The final price will be disclosed on Dec. 5. 

For more details about Saudi Aramco IPO