The institutional portion of Saudi Aramco’s initial public offering (IPO) on the Saudi Stock Exchange (Tadawul) has received  144.1 billion riyals ($38.4 billion) in orders, its financial advisers said in a joint statement on Monday.

 

The company has received subscription orders from institutional buyers for around 4.6 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.

 

Saudi Aramco is offering 1.5 percent of its shares on the Tadawul, with 0.5 percent set aside for retail, or individual investors. The remaining shares are allocated for institutional investors, such as banks or sovereign wealth funds.

 

The company has set an indicative price range of 30-32 riyals per share ($8-8.53), which would value the oil giant at $1.6 to $1.7 trillion. At this valuation, the company could raise up to $25.5 billion from the IPO.

 

The deadline to subscribe for institutional investors is December 4, with the the final price for the offering expected to be announced the next day.