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Saudi Aramco Order Book Reaches $19.47 Billion So Far

Saudi Aramco Order Book Reaches $19.47 Billion So Far

Thursday, 21 November, 2019 - 19:45
Retail and Institutional subscription levels demonstrate the confidence of investors in Saudi Aramco

Saudi Aramco's initial public offering (IPO) has attracted approximately 73 billion riyals ($19.47 billion) in institutional and retail orders so far, Samba Financial Group said on Thursday.

"Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco," said Rania Nashar, vice chairman of Samba Capital, the investment arm of the bank, in the statement.

"We anticipate further increases in subscription levels during the remainder of the offering period."

Aramco plans to sell 1.5 percent 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 and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.

Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until Nov. 28 to sign up for the IPO.

Institutional investors can subscribe until Dec. 4.

Aramco kicked off the sale process on Nov. 3.

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