Saudi Aramco's IPO Reaches $8.7 bln

Retail subscription for Saudi Aramco's initial public offering (IPO) reached 32.57 billion Saudi riyals ($8.7 billion) on Monday, lead manager Samba Capital said.

The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion. (Reporting by Marwa Rashad