CORRECTED (OFFICIAL)-Institutions have subscribed for 5.9 bln shares of Aramco IPO – lead bankers

FILE PHOTO: A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. /Hamad I Mohammed/File PhotoRiyadh () – Saudi Aramco has received orders worth 189.04 billion riyals ($50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday. The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans to sell 1.5% of its shares, in a deal which could raise up to $25.6 billion. The Saudi oil giant has received subscription orders from institutional buyers for around 5.9 billion shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said. (This story corrects subscription order for shares to 5.9 billion, not 6.3 billion, after bank clarification) Reporting by Marwa RashadOur Standards:The Thomson Trust Principles.