Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

RIYADH: The institutional tranche of Saudi Aramco’s planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.

The bookbuilding process for allocating shares to institutional buyers – typically asset managers, insurers or pension funds – began on Nov. 17 and investors have until 1700 Saudi time on Dec. 4 to place orders.

Aramco plans to sell 1.5 per cent of its shares in a deal that could raise up to $25.6 billion.