Saudi Aramco attracts $38bn in orders from institutional investors

Institutional investors have put in 144.1 billion riyals ($38.4bn) worth of bids for Saudi Aramco's planned initial public offering (IPO), equivalent to more than twice the number of shares on sale, financial advisers for the IPO said.  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 $25.6bn. The Saudi oil giant 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. ...