Aramco IPO completes retail portion oversubscribed, $12.64 bln in orders: Samba
Saudi Aramco completed the retail portion of its initial public offering (IPO) with 47.4 billion riyals ($12.64 billion) in orders on Thursday, according to Samba Capital, the IPO’s lead manager.
The energy giant is offering 1.5 percent, or three billion, 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, are allocated to retail, or individual investors.
At the higher end of this price range, Aramco’s retail portion ended its sale 1.48 times oversubscribed, according to Al Arabiya English’s calculations.
Samba added that the shares sold amounted to 1,481,613,280.
The firm added that institutional investors had put orders for 118.86 billion riyals during the first 12 days of the book building process.
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