RIYADH: Retail subscription for Saudi Aramco's initial public offering (IPO) reached 21.77 billion Saudi riyals ($5.8 billion) on Monday, according to a statement released by lead manager Samba Capital.

The retail element of the sale so far amounts to a total of 2.6 million subscribers and 680 million shares, the capital and investment management company said.

The breakdown of the source of subscribers was led by Internet Banking (38.26%) followed by branches (35.14%), automated teller machines (24.76%) and phone banking (1.85%).

The last day of subscription for the retail tranche of the share sale is Nov. 28, it said. Aramco launched the IPO on Nov. 3.

Ms. Rania Nashar, the deputy chairman of Samba Capital, said that the process of subscribing to the company's shares had been received positively and the good participation rates had been supported by the confidence of citizens and individual investors in the value proposition of Saudi Aramco.

The oil giant said it 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 ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.

 

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