Saudi Aramco IPO’s institutional tranche oversubscribed

RIYADH/DUBAI: The institutional tranche of Saudi Aramco’s initial public offering (IPO) has been oversubscribed while the retail portion has received a little more than 10 billion riyals ($2.67 billion) in orders so far, a banking source told Reuters.

Earlier on Thursday, Saudi-owned news channel Al-Arabiya, citing a banking source, said the institutional tranche of the deal had received more than 64 billion riyals, while the retail portion received 10 billion riyals.

Aramco, which did not immediately respond to a request for comment, plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.