Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia welcomes Palestinian leadership reforms, appointment of Hussein Al-Sheikh    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco IPO receives $17.1bn in orders from institutional tranche: Source
Published in The Saudi Gazette on 21 - 11 - 2019

The institutional portion of Saudi Aramco's initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) is oversubscribed, having received over 64 billion riyals ($17.1 billion) in orders, while the retail tranche has received 10 billion riyals, a banking source told Al Arabiya English on Thursday.
By Thursday, after just five days of book building, the institutional portion was fully subscribed, the banker added. The deadline to subscribe for institutional investors is Dec. 4, while the deadline for retail investors is Nov. 28. The process started on Nov. 17.
Saudi Aramco is offering 1.5 percent of its shares on the Tadawul, with 0.5 percent set aside for retail, or individual investors. The remaining shares are allocated for institutional investors, such as banks or sovereign wealth funds.
The company has set an indicative price range of SR30-32 per share ($8-8.53), which would value the oil giant at $1.6 to $1.7 trillion.
At this valuation, the company could raise $24 billion to $25.5 billion from the IPO, according to Al Arabiya English's calculations. The final price for the offering is set to be announced on Dec. 5.
Another banking source told Al Arabiya English that they expect the IPO to be three to four times oversubscribed when the book building process is completed on Dec. 4.
Saudis began flocking to banks to subscribe in Aramco's shares, coinciding with the start of the period of building the order book for the institutional and individual underwriting segments.
Retail investors' turnout for Saudi Aramco's IPO is unprecedented, Rania Nashar, chief executive officer, Samba Financial Group, had said a day after the launch of the IPO. The Samba CEO told Al Arabiya TV that tens of thousands of investors have subscribed to hundreds of millions of Aramco shares at Samba since the launch of the offering.
She also expected that the number of retail investors subscribing to Aramco would be higher than any previous subscription in the market, noting that the announced price range represents a great opportunity for all investors.
Aramco had explained at the launch that if the final offer price is below SR32, individual investors can, in respect of the difference between the highest price of the offer price range and the final offer price, elect to have the surplus subscription amount refunded in cash by crediting the account of individual investors or to be considered for an allotment of additional offer shares. — SG/Al-Arabiya English


Clic here to read the story from its source.