Retail subscription for Saudi Aramco’s initial public offering (IPO) reached 21.77 billion Saudi riyals ($5.8 billion) on Monday, lead manager Samba Capital has revealed.
The retail element of the sale so far amounts to a total of 680,254,540 shares from 2,628,646 subscribers, Samba Capital said, according to media reports.
The last day of subscription for the retail tranche of the share sale is Nov. 28, it said. Aramco launched the IPO on Nov. 3.
The oil giant said it plans to sell 1.5 per cent of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.
After cancelling an international road show, Saudi Aramco has approached sovereign wealth funds to participate as cornerstone investors in the institutional tranche of its IPO, including those in Abu Dhabi and Kuwait after receiving no interest from Malaysia’s Petronas and Russia’s LUKOIL.