Institutional investors have subscribed for 6.3 billion shares for Aramco IPO so far: lead bank

Institutional investors have subscribed for 6.3 billion shares for Aramco IPO so far: lead bank

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.

FILE PHOTO: Sign of Saudi Aramco's IPO is seen during a news conference by the state oil compa
FILE PHOTO: A sign of Saudi Aramco's initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

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)

Source: Reuters

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