Riyadh – Mubasher: Samba Capital and Investment Management Company, the lead manager of the Saudi Arabian Oil Company’s (Saudi Aramco) initial public offering (IPO) posted updates on the first 17 days of the offering process.

Samba Capital, alongside NCB Capital and HSBC Saudi Arabia, the joint financial advisors and joint global coordinators, announced that institutional bids received during the first 17 days of the bookbuilding period amounted to SAR 189.07 billion ($50.4 billion), with a total number of around 5.91 billion shares.

It is worth noting that the institutional bookbuilding began on Sunday, 17 November 2019, and will end today, 4 December 2019 (05:00 PM- KSA Time).

The retail tranche of the IPO was oversubscribed by more than 120%.

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.

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

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