#Saudi Aramco flotation to rely on local money | Financial Times

Saudi Aramco flotation to rely on local money | Financial Times:

Saudi Aramco’s stock market flotation will rely almost exclusively on local money, with new data confirming the full extent of the kingdom’s scaled back ambitions for the long-awaited offering.

Banks on the deal said on Friday about 4.9m retail investors in the kingdom bid for shares before the deadline on Thursday, with a total valuation of 47.4bn Saudi riyals ($12.6bn).

Institutional investor subscriptions totalled SR118.9bn with the subscription period ending on December 4, Samba Capital, NCB Capital and HSBC Saudi Arabia said. 


Less than 11 per cent were made up by non-Saudi investors, with this portion also accounting for investment from elsewhere in the Gulf.