#Saudi Aramco IPO oversubscribed so far, but not by big margin - Reuters

Saudi Aramco IPO oversubscribed so far, but not by big margin - Reuters:

Saudi Aramco’s initial public offering (IPO) was on course to be oversubscribed but not by a huge margin, according to figures released so far by the lead manager before a Dec. 4 close for institutional investors to submit offers.

Bids received by Friday from institutional and retail investors totaled $44.3 billion, lead manager Samba Capital said, about 1.7 times the value Saudi Arabia aims to raise from selling a 1.5% stake in the state-owned oil giant.

Although the IPO has received more than enough bids, the level of interest is relatively muted compared to other emerging market IPOs and subdued even when compared to the listing of a top Saudi bank in 2014 that was oversubscribed many times over.

If Riyadh hits its target of raising 96 billion riyals ($25.6 billion) or more it would still be a world record IPO, valuing the company at about $1.7 trillion.