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Oil Rises After EIA Confirms Crude Inventory Draw

Oil Rises After EIA Confirms Crude Inventory Draw

Oil prices continued to rally…

Where Is Future Oil Demand Going To Come From?

Where Is Future Oil Demand Going To Come From?

The world’s top energy authorities…

Aramco IPO Raises $20 Billion In Orders

The Saudi Aramco IPO has garnered $19.47 billion (73 billion riyals)  in institutional and retail orders so far, Saudi Arabia’s  Samba Financial Group reported on Thursday afternoon, according to Reuters.

The orders came from 1.8 million retail subscribers who contributed $3.7 billion into the IPO. Reuters had reported earlier that the institutional tranche of the IPO had been oversubscribed, but that preliminary estimates, according to Reuters, show that that it is not.

“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco,” Rania Nashar, vice chairman of Samba Capital, told Reuters, adding that the bank expected “further increases in subscription levels during the remainder of the offering period.”

Samba Financial Group, a Saudi Arabia local lender, is managing investor orders for the IPO along with National Commercial Bank and HSBC Holdings PLC, Bloomberg reported yesterday, after other foreign banks found themselves with smaller roles after Saudi Arabia chose to focus on the local bourse only.

Aramco is planning to meet investors in Dubai’s Ritz Carlton on November 24 in hopes of raising $25.6 billion through its share sales. The following day, Aramco will meet investors in Abu Dhabi as well. But its tour will no longer include New York and London, since Aramco decided not to sell its Aramco shares to developed-market investors.

Aramco’s top valuation figure is $1.7 trillion—a disappointment for Saudi Arabia who had held out hope for years for a $2 trillion valuation.

Aramco plans to sell 1.5% of the company, which would work out to be roughly 3 billion shares. The total value of the IPO is expected to come in somewhere near $25 billion in what will be the world’s largest IPO to date.

By Julianne Geiger for Oilprice.com

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