Retail subscriptions in Saudi Aramco’s initial public offering (IPO) have so far reached 27.04 billion riyals ($7.21 billion) by Monday.
The retail portion of the sale so far attracted 3.1 million people according to Samba Capital, the lead manager of the IPO, with 845,101,020 shares sold.
The last day of the retail subscription period is November 28; the IPO began on November 3.
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, 0.5 percent, 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.