Samba Capital and Investment Management Company (SambaCapital), as Saudi Aramco IPO lead manager, announced the results of the retail subscription as of 5 pm on November 25, 2019, where the number of individual subscribers during the period reached 2,628,646 subscribers with a total number of 680,254. 540 shares, representing SAR21,768,145,280.
Thefollowing is an indication of the percentage of subscription throughsubscription channels available to individuals:
Telephone banking: 1.85%
ATM: 24.76%
E-Banking: 38.26%
Branches: 35.14%
Thelast day of subscription for the individual category is next Thursday November 28,2019.
On the other hand, Rania Nashar, SambaCapital CEO, said the turnout for the company's shares witnessed positive and active participation rates, supported by the confidence of citizens and individual investors in the investment value of the company.
Aramco also held meetings with investors in Dubai this week, news agencies reported.
The application period and the subscription process for individual underwriters in Aramco's IPO commenced on November 17, at the same time of the start of the application period and the process of book building for investing institutions from November 17, 2019 to December 4, 2019.
Aramcosaid it aims to sell a maximum of 0.5% of its shares to individual investors inthe IPO, while 1% will go to investing institutions.
Aramco'sIPO will raise $24-$25.6bn.
SaudiAramco announced earlier this week the price range for the IPO and the start ofthe book building for the investing institutions and individual subscribers'segments.
Whilethe official announcement of the IPO price of the subscribed shares will be onDecember 5, as follows:
Incase the final offer price is less than SAR32, individual subscribers shall, inrespect of the difference between the upper limit of the price range and thefinal offer price, have the option of: (a) obtaining the cash surplus by reimbursingthe individual subscriber; or (b) the possibility of allocating additionalshares to the individual subscriber.
It'snoteworthy that Aramco's IPO price range is between $1.6 and $1.7tn.
Aramco's dividend yield will be at least 4.4% to 4.7% next year.