BREAKING NEWS

Saudi Aramco IPO's retail tranche oversubscribed - lead manager

Saudi Aramco IPO's retail tranche oversubscribed - lead manager
FILE PHOTO: A sign of Saudi Aramco's initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo -
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Hamad I Mohammed(Reuters)
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RIYADH (Reuters) – The retail portion of Saudi Aramco’s initial public offering (IPO) has been oversubscribed, with orders reaching 38.1 billion Saudi riyals (7.9 billion pounds), lead manager Samba Capital said on Thursday.

The state oil giant plans to sell a 1.5% stake, or about 3 billion shares, at an indicative price of 30 to 32 riyals, valuing the IPO at as much as 96 billion riyals and giving the firm a market value of $1.6 trillion to $1.7 trillion.

Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until end of Thursday to sign up.

(Reporting by Marwa Rashad; Editing by Edmund Blair)

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