Riyadh: Saudi Aramco has received orders worth 189.04 billion riyals ($50.4bn) for the institutional tranche of its planned initial public offering (IPO).
The institutional book building began on November 17 and investors had 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 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.
Saudi Aramco is offering 1.5pc of its shares on the Tadawul, with 0.5pc set aside for retail or individual investors. The remaining shares are allocated for institutional investors, such as banks or sovereign wealth funds.
The company has set an indicative price range of 30-32 riyals per share ($8-8.53), which would value the oil giant at $1.6 to $1.7 trillion. At this valuation, the company could raise up to $25.5 billion from the IPO, Saudi Gazette reported.