Riyadh – Mubasher: Joint financial advisors and joint global coordinators of the Saudi Arabian Oil Company’s (Saudi Aramco) initial public offering (IPO) announced updates on institutional bids received during the first 15 days of the bookbuilding period.

Bids amounted to SAR 144.16 billion ($48.45 billion) with a total number of shares at 4.55 billion, according to a statement by Samba Capital, NCB Capital and HSBC Saudi Arabia.

It is worth noting that the institutional bookbuilding began on 17 November, and continues until 4 December 2019, 05:00 PM (KSA Time).

Retail subscriptions for the IPO ended on 28 November.

Aramco’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.