Riyadh – Mubasher: Samba Capital and Investment Management Company (Samba Capital), the lead manager of the initial public offering (IPO) of the Saudi Arabian Oil Company (Saudi Aramco), announced the completion of the world’s largest IPO.

The world’s largest oil company will be listing its shares starting Wednesday 11 December 2019 on the Saudi Stock Exchange (Tadawul).

The IPO was over-subscribed with aggregate subscriptions amounting to SAR 446 billion representing coverage of 465%, according to a statement by Samba Capital.

The number of individual subscribers was 5.056 million, with a total subscription value of SAR 49.2 billion.

Saudi subscribers were allocated 96.6% of the retail offering, while non-Saudis, namely: expatriates and nationals of the Arabian Gulf Cooperation Council (GCC) member countries, accounted for 3.4%.

As for the Institutional Tranche, the final value of subscriptions totalled SAR 397 billion, which represented an oversubscription of 620% of the 2 billion offered shares amounting to SAR 64 billion.

Saudi companies, including listed companies, private companies, insurance companies and authorized persons, accounted for 37.5% of the offering; public funds, private funds and funds managed by authorized persons, (26.3%); Saudi government institutions (13.2%); non-Saudi investors, including GCC investors, qualified foreign investors (QFIs) and non-resident investors through swap agreements (23.1%).

Samba Capital indicated that extending the period specified for the opening orders upon listing the company's shares in Tadawul for an additional period of 30 minutes, as is the practice in most global markets, would allow for determining the price in a more effective way by allowing additional time for market dealers to place buy and sell orders.  This would positively impact on the opening price.

Moreover, the investment firm stated that the management of the IPO process was carried out according to the best global practices and the highest levels of professional standards, and in record time when compared to global markets.

Allocated shares for more than 5 million individual retail subscribers had been deposited in their portfolios less than 18 hours after the announcement of the final price.