State-owned Saudi Aramco set the final IPO price at SAR 32 per share. The giant oil producer raised SAR 446 billion from the retail and institutional tranches. The IPO was 465% oversubscribed.
Institutional orders reached SAR 397 billion, Aramco said in a statement.
A total of 33.3% of shares (0.5% of the company’s capital) was offered to retail investors, while 66.7% of shares, or 1% of Aramco’s capital, was offered to the institutional tranche.
The selling shareholder granted the stabilizing manager an option, pursuant to which the manager may purchase 450 million additional shares, equal to up to 15% of the total number of shares sold in the offering at the final price.
The over-allotment option will be exercisable in whole or in part upon notice by the stabilizing manager at any time during the period commencing on the date of the trading of the shares on Tadawul and ending 30 calendar days thereafter.
In case the purchase option was exercised in whole, the total offering size will be 3.45 billion shares worth SAR 110.4 billion.
|
Aramco IPO |
|||||
|
Tranches |
Number of subscribers (mln) |
Funds raised (SAR bln) |
Number of subscribed shares (bln) |
Number of shares offered (bln) |
Coverage ratio (%) |
|
Retail |
4.91 |
49.00 |
1.53 |
1.00 |
153% |
|
Institutions |
-- |
397.0 |
-- |
2.00 |
-- |
|
Total |
-- |
446.0 |
-- |
3.00 |
465% |
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