Saudi Aramco’s institutional IPO closes today

State-owned Saudi Aramco will close its initial public offering (IPO) for institutional investors today, Dec. 4. The offering started on Sunday, Nov. 17.

The institutional tranche subscribed to 5.91 billion shares worth SAR 189.04 billion of Saudi Aramco in the first 17 days of the offering.

The world’s largest oil exporter had earlier floated a 1.5% stake, or about 3 billion shares of the company in the IPO, allocating a maximum of 0.5% to retail investors. The price range was set between SAR 30-32 per share.

The giant oil producer’s retail IPO, which closed on Nov. 28, raised SAR 47.4 billion from 4.90 million subscribers that bid for 1.48 billion worth of shares, Argaam reported.

Read: Saudi Aramco’s retail IPO receives SAR 47.4 bln orders from 4.9 mln subscribers

Saudi Aramco will disclose tomorrow, Dec. 5 the final offer price and share allocation to retail and institutional investors.

For more details about Saudi Aramco IPO