JEDDAH: Retail subscription for Saudi Aramco’s initial public offering (IPO) reached SR21.77 billion ($5.8 billion) on Monday, Samba Capital Deputy Chairman Rania Nashar said.
The figure represents total subscribers of 2,628,646 and total subscribed shares of 680,254,540, according to Samba Capital.
The last day of subscription for the retail tranche of the share sale is Thursday. Saudi Aramco launched the IPO on Nov. 3.
“The process of subscribing to the company’s shares witnessed positive and effective participation rates, supported by the confidence of citizens and individual investors in the value proposition of Saudi Aramco,” Nashar said in a press release.
Saudi Aramco plans to sell 1.5 percent of the company, or about 3 billion shares, at an indicative price range of SR30 to SR32, valuing the IPO at as much as SR96 billion ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.
Most of the retail bids came via internet banking (38.26 percent). Other channels were: Phone banking: 1.85 percent, automated teller machine: 24.76 percent and branches: 35.14 percent.