Aramco targets allocating 0.5% of total shares to retail investors

Saudi Aramco, the world’s biggest oil producer, said in its prospectus for its initial public offering (IPO) that it targets allocating 0.5 percent of its total shares to retail investors.

The company added that retail investors must subscribe to a minimum of 10 shares, without setting a cap.

Retail investors comprises Saudi nationals, including any Saudi female divorcee or widow with minor children from a non-Saudi father, as she can subscribe for her own benefit or in the names of her minor children, on the condition that she proves that she is a divorcee or widow and the mother of her minor children; and any non-Saudi natural person who is resident in the Kingdom and any GCC national, in each case who has a bank account with one of the receiving entities.

The final offering price will be determined by the seller, Saudi Aramco, the financial advisors/main coordinators by the end of the book-building process.

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