Aramco IPO Bids Reach $44.3 Billion as Retail Offer Closes
- Retail offer attracts subscriptions from 4.9 million Saudis
- Institutional book for giant IP0 will close on Dec. 4
Amin Nasser, chief executive officer of Saudi Arabian Oil Co., left, and Yasir Al-Rumayyan, chairman
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Saudi Aramco’s initial public offering has drawn total bids of 166 billion Saudi riyals ($44.3 billion) so far from institutional and retail investors, about 1.7 times the amount the government is seeking to raise.
In the retail tranche, where final bids were due last night, 4.9 million people applied for shares with a total value of 47.4 billion riyals. Institutional investors, who have until next Wednesday to submit bids, have made subscriptions for 118.9 billion riyals of shares, Samba Capital, one of the deal’s lead managers said. Of that, 10.5% came from non-Saudi investors.