Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) raised SAR 166.04 billion ($44.3 billion) from its initial public offering (IPO) in the first 12 days, according to lead manager of the oil giant, Samba Capital.

The world’s biggest oil producer sold 1.48 billion shares to 4.90 million retail investors, worth SAR 47.4 billion.

Institutional orders in the IPO totalled SAR 118.86 billion during the 12 days, 54% of which came from Saudi cooperates, 24% from Saudi funds and 10.5% from non-Saudi investors.

“The high turnout and subscription rates of retail investors is a source of pride, an indication of success and a signal of confidence, further bolstering the reputation and prestige of a company that has an unrivalled standing globally in the energy sector,” Samba Capital’s deputy chairman Rania Nashar said.

On Thursday, Aramco’s retail subscriptions reached SAR 38.13 billion, with a total of 1.19 billion sold shares, before closing at midnight.

The book-building period for institutional investors ends on 4 December at 17:00 pm Saudi time.