Saudi Aramco’s retail IPO closes at midnight

State-owned Saudi Aramco will close its initial public offering (IPO) for retail investors today, Nov. 28 at midnight, while the institutional tranche offering will run through Wednesday, Dec. 4. 

The retail tranche offering started on Sunday, Nov. 17.

The world’s largest oil exporter had earlier floated a 1.5% stake, or about 3 billion shares of the company in the IPO, allocating a maximum of 0.5% to retail investors.

Retail subscribers were required to bid at the top end of the price range (SAR 32). The final offer price and share allocations will be announced on Dec. 5.

The selling shareholder and Saudi Aramco, in their full discretion and in consultation with the Joint Financial Advisors and the Joint Global Coordinators, will determine the number and percentage of shares, to be allocated to the Individual Investors.

Additionally, if the final offer price is below SAR 32, individual investors can, in respect of the difference between the highest price of the offer price range and the final offer price) will choose to have the surplus subscription amount refunded either in cash or through an allotment of additional shares.

The retail tranche of Saudi Aramco’s IPO was fully covered at 102% a day before the retail offering closure date. About 3.7 million retail investors subscribed to shares worth SAR 32.6 billion, Argaam reported.

For more details about Saudi Aramco IPO