Saudi Aramco institutional bids amount to 189.04 bln riyals in first 17 days

Saudi Aramco has received orders worth 189.04 billion riyals ($50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday.

The institutional book building began on November 17 and investors have until December 4 to place orders. Aramco plans to sell 1.5 percent of its shares, in a deal which could raise up to $25.6 billion.

The Saudi oil giant has received subscription orders from institutional buyers for around 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.