Aramco IPO retail subscription at $7.21 billion

Riyadh: Retail subscription for Saudi Aramco's initial public offering (IPO) reached 27.04 billion Saudi riyals ($7.21 billion) on Tuesday, lead manager Samba Capital said.

The retail element of the sale so far amounts to a total of 845,101,020 shares, Samba Capital said in a statement.

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% 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.