Bids for Aramco IPO to conclude

Riyadh: Saudi Aramco is set to conclude on Wednesday the bidding period for what is expected to be the world´s biggest share sale, with the energy giant pinning its hopes on regional sovereign investors.

The world´s most profitable company is seeking to raise up to $25.6 billion -- a fraction of the $100 billion it once sought -- from its much-delayed initial public offering that is heavily focused on domestic and Gulf investors.

The sale of 1.5 percent of the energy giant has so far been oversubscribed, financial advisers say, with bidding for institutional investors set to close at 1400 GMT on Wednesday. Retail subscriptions, which concluded last week, reached $12.6 billion with almost five million subscribers, advisers said.

The share sale is on course to beat Chinese retail giant Alibaba´s $25 billion world-record IPO of 2014, but "the proceeds would barely cover the kingdom´s budget deficit for a year", Capital Economics said.