Riyadh: Saudi Aramco has received orders worth 189.04 billion riyals (US$50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday.
The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans to sell 1.5per cent of its shares, in a deal which could raise up to US$25.6 billion.
The Saudi oil giant has received subscription orders from institutional buyers for around 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.
(Reporting by Marwa Rashad)