Saudi Aramco IPO secures orders worth US$38 bil from institutions

DUBAI: Aramco has received orders worth 144.1 bil riyals (US$38.4 bil) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Monday.

The institutional bookbuilding began on Nov 17 and investors have until Dec 4 to place orders. Aramco plans to sell 1.5% of its shares in a deal which could raise up to US$25.6 bil.

The Saudi oil giant has received subscription orders from institutional buyers for around 4.6 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said. – Reuters

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