Saudi Aramco IPO secures orders worth $38b from institutions
Saudi oil giant receives subscription orders from institutional buyers for 4.6b shares
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Dubai: Saudi Aramco has received orders worth 144.1 billion riyals ($38.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Monday.
The institutional bookbuilding began on November 17 and investors have until December 4 to place orders. Aramco plans to sell 1.5 per cent of its shares, in a deal which could raise up to $25.6 billion.
The Saudi oil giant has received subscription orders from institutional buyers for around 4.6 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.