Saudi Aramco IPO's retail tranche oversubscribed - lead manager

Credit: REUTERS/MAXIM SHEMETOV

The retail portion of Saudi Aramco's initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2 billion), lead manager Samba Capital said on Thursday.

RIYADH, Nov 28 (Reuters) - The retail portion of Saudi Aramco's initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals ($10.2 billion), lead manager Samba Capital said on Thursday.

The state oil giant plans to sell a 1.5% stake, or about 3 billion shares, at an indicative price of 30 to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the firm a market value of $1.6 trillion to $1.7 trillion.

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

(Reporting by Marwa Rashad; Editing by Edmund Blair)

((marwa.rashad@thomsonreuters.com; +966114868476; Reuters Messaging: marwa.rashad.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More