How can GCC investors subscribe to Saudi Aramco's shares?

State-owned Saudi Aramco has launched today, Nov. 17 its initial public offering (IPO) for retail and institutional investors.

The retail offering will close on Nov. 28, while the deadline to submit bid forms for institutional investors is set for December 4.

The retail investor tranche, which comprises Saudi nationals, also includes the following:

1) Any non-Saudi natural person who is resident in the Kingdom and who has a bank account with one of the receiving entities

2) Any GCC national who has a bank account with one of the receiving entities.

GCC nationals can subscribe to Saudi Aramco's shares via any Saudi receiving entity, e-banking services, mobile banking service, or the receiving entities' ATMs.

In case the GCC investors do not have a bank account with any receiving entity, they should visit any of the receiving entities to open an account and shall produce the original and copy of their valid identity cards.

GCC nationals are not permitted to subscribe to Aramco's shares on behalf of their family members. They are required to bid at the top end of the price range (SAR 32 per share).

If the final offer price is lower than the subscription price, the GCC nationals can opt to:

1) Receiving any surplus amount resulting from the difference between the retail subscription price and the final offer price refunded in cash by crediting the account of such individual investor; or

2) Allotment of additional offer shares in consultation with the joint financial advisors and the joint global coordinators.

The remaining surplus subscription amount, or the additional shares will be refunded in cash by crediting the account of the GCC investor.

Meanwhile, bonus shares are only available for Saudi retail investors.

For more details about Saudi Aramco IPO