Retail subscriptions in Saudi Aramco’s initial public offering (IPO) have so far reached 21.77 billion riyals ($5.8 billion) by Monday.
The retail portion of the sale so far has reached 680,254,540 shares, Samba Capital, the lead manager of the IPO said in a statement, adding that the last day of the retail subscription period is November 28.
Aramco is offering 1.5 percent of the company’s shares on the Saudi Stock Exchange (Tadawul) at an indicative price range of 30-32 riyals ($8-$8.53). A third of those shares is allocated to retail, or individual investors.
The higher end of the share price would raise as much as $25.6 billion from the IPO, putting the market value of the oil giant between $1.6 trillion and $1.7 trillion, below the government’s anticipated value of $2 trillion.
Banks in Saudi Arabia have been directed to lend to retail customers at a ratio of 2 to 1 for every riyal invested towards buying Aramco’s shares.
Aramco is expected to announce the final price for the offering on December 5.