Riyadh – Mubasher: Retail subscriptions for the initial public offering (IPO) of the Saudi Arabian Oil Company (Saudi Aramco) have reached SAR 38.13 billion ($10.2 billion) on Thursday at 12:00 PM, according to the IPO lead manager Samba Capital.

Samba said that the retail subscription window, which ends today at midnight, has attracted 4.17 million investors, with a total of 1.19 billion shares.

This means that the retail tranche of the IPO has been oversubscribed by 119%, as per the company's most recent data.

Samba Capital revealed earlier that 38.08% of subscriptions came through internet banking, followed by 37.29% in the Samba’s branches, as well as 23.03% through automated teller machines (ATMs), and 1.6% of through phone banking, as of Wednesday 27 November at 8:00 PM.

The IPO was announced on 3 November and launched on 17 November, at a price range of SAR 30-32 per share.

The offering represents about 1.5% of the company’s capital, valued at SAR 60 billion and distributed over 200 billion shares.

Launched on 17 November, the retail subscription period began ends Thursday 28 November, while the institutional book-building period extends from 17 November until 4 December.

Moreover, the company’s stock final price and valuation will be announced on 5 December 2019, with the refund of excess subscription amount to individual investors set to take place on 12 December.

The date on which Aramco’s shares will be listed on the Saudi Stock Exchange (Tadawul) is yet to be announced.

It is worth noting that sovereign wealth funds in Abu Dhabi and Kuwait are reportedly planning to invest in the IPO.

The IPO has been limited to investors in Saudi Arabia and the Gulf Cooperation Council (GCC) member countries.