The original public offer by Saudi Aramco was approx. 1.7 times the amount that the government is seeking to increase by the sum of 166 billion Saudi riyals ($44.3bn).

4.9 million persons applied for shares worth totaling 47.4 billion riyals in the retail tranche, which received final bids on November 28. Sambas Capital, one of its lead managers, said institutional investors, who have tendered until Wednesday, made subscriptions for 118.9bn riyals of shares. 10.5% of this came from non-Saudi investors.

The Saudi government is planning to raise more than 25 billion dollars by selling a 1.5% stake in the company with an estimate of 1,6 trillion dollars to 1,7 trillion dollars. In line with this, 1% is allocated to institutional investors and the remainder to Saudi retail buyers who have been targeted by a national campaign and have offered more than usual financing loans.

Institutional investors could increase at the last minute, but the stock sale has not been as well subscribed in the country as certain other IPOs. The initial public offering for the National Commercial Bank was covered twenty-three times in 2014. In 2006, 10 million Saudis, roughly half the adult population of the Kingdom, purchased their shares of Emaar Properties PJSC, the local unit of the Middle East's largest developer.

The Aramco IPO, a central feature of the strategy for the modernization of the kingdom economy by Prince Mohammed bin Salman, will almost entirely depend on local cash after international investors have been balked. Many of the wealthiest Saudi families, including members of the Ritz-Carlton Hotel in Riyadh during the 2017 corruption drive, are forced to invest.

Aramco is continuing to pitch in Dubai and Abu Dhabi to receive support from institutional investors in this country. Abu Dhabi plans to put as much as $1.5 billion into this offer, while according to people with knowledge of the matter, the Kuwait Investment Authority envisions a potential investment. The institutional book building ends on 4 December before the next day's final fee for the IPO.