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Aramco Sees Nearly Enough Early Orders to Pull Off IPO

  • IPO banks indicate institutional portion almost covered
  • Aramco still has more than two weeks of deal marketing to go
Saudi Arabia Approves IPO of World’s Most Profitable Company
Photographer: Mohammed Al-Nemer/Bloomberg
Updated on

Saudi Aramco’s bankers are seeing sufficient early demand to pull off the state oil giant’s initial public offering just three days after launching the deal, people with knowledge of the matter said.

The IPO arrangers are indicating in private discussions that they already have nearly enough orders to cover the institutional portion of the deal, the people said, asking not to be identified because the information is private. They still have more than two weeks to go, as fund managers can subscribe to the stock until Dec. 4, according to Aramco’s prospectus.