State-owned Saudi Aramco closed its 12-day initial public offering (IPO), which raised SAR 166 billion from the retail and institutional tranches, Samba Capital said in a statement.
Retail subscriptions, which concluded last night (November 28, 2019), reached SAR 47.4 billion from 4.90 million subscribers, who bid for 1.48 billion worth of shares.
The retail offering was 148% oversubscribed.
|
Aramco IPO (Tenth Day) |
|||||
|
Days |
Number of subscribers (mln( |
Funds raised (SAR bln) |
Number of subscribed shares (bln) |
Number of shares offered (bln) |
Coverage ratio (%) |
|
Fifth Day |
1.82 |
-- |
14.59 |
0.46 |
46% |
|
Ninth Day |
2.63 |
0.81 |
21.77 |
0.68 |
68% |
|
Tenth Day |
3.10 |
0.47 |
27.04 |
0.85 |
85% |
|
Eleventh Day |
3.72 |
0.62 |
32.75 |
1.02 |
102% |
|
Twelfth Day |
4.91 |
1.19 |
47.41 |
1.48 |
148% |
The institutional bids received during the first 12 days of the bookbuilding period, which continues until December 4, 2019 (17:00 KSA Time), amounted to SAR 118.86 billion, as follows:
-Saudi Corporates 54.0%
-Saudi Funds, DPMs and Authorized Persons: 24.1%
-Saudi GREs: 11.1%
-Non-Saudi investors (including GCC investors, QFIs and Swaps): 10.5%
-Others 0.3%
Rania Nashar, Deputy Chairman of Samba Capital, said: “The high turnout and subscription rates of retail investors is a source of pride, an indication of success and a signal of confidence, further bolstering the reputation and prestige of a company that has an unrivalled standing globally in the energy sector.”
“This success corroborates the foresight and depth of the strategic decision behind this landmark moment not just in the company’s history, but also in the development of the Kingdom’s economy,” Nashar added.
NCB Capital CEO, Sarah Al Suhaimi said “the success of the retail tranche is mirrored in the institutional tranche where bids reflect strong demand coming from across the spectrum of investor categories, reflective of Saudi Aramco’s compelling investment proposition. We are confident that this momentum will be maintained throughout the remainder of the institutional book-building period. This institutional demand also speaks well to the depth and diversification of the Saudi capital markets and its investor base."
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