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Aramco IPO retail subscription at SR32bn

Aramco IPO retail subscription at SR32bn
The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, ¶¶Òõ¶ÌÊÓƵ November 3, 2019. (Reuters)
Updated 29 November 2019

Aramco IPO retail subscription at SR32bn

Aramco IPO retail subscription at SR32bn
  • The oil giant said it plans to sell 1.5 percent of the company, or about 3 billion shares

RIYADH: Retail subscription for Saudi Aramco's initial public offering (IPO) reached SR32.57 billion ($8.69 billion) on Wednesday, lead manager Samba Capital said.

The retail element of the sale so far amounts to a total of 1,017,816,380 shares, Samba Capital and Investment Management Company said in a statement.

The last day of subscription for the retail tranche of the share sale is Nov. 28, it said. Aramco launched the IPO on Nov. 3.

The oil giant said it plans to sell 1.5 percent of the company, or about 3 billion shares, at an indicative price range of SR30 to SR32, valuing the IPO at as much as SR96 billion ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.