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Saudi Aramco’s retail IPO 154% oversubscribed

Saudi Aramco’s retail IPO 154% oversubscribed
Retail stock allocation was finalised

Riyadh – Mubasher: Saudi Aramco’s stock allocation for retail subscribers was finalised, initial public offering (IPO) lead manager Samba Capital & Investment Management said.

The oil giant allotted as much as 1,500 shares per retail investor, marking a full allocation ratio to 97.5% of total subscriber, Samba said.

Retail subscribers totalled 5.056 million, subscribing to 1.54 billion shares worth collectively SAR 49.19 billion, while the retail IPO was 153.7% oversubscribed.

The final IPO price was set at SAR 32 per share, while the remaining shares will be allocated pro-rata based at 10.941%.

The portion of electronic subscription bids was 65.9%, comprising 36.1% via automated teller machines (ATMs), 28.4% through internet banking, 34.1% through bank branches, and 1.4% via phone baking.

The excess subscription amount will be refunded from 6 December to 12 December.