The Saudi oil giant has received subscription orders from institutional buyers for around 6.3 billion of shares so far, according to Samba Capital. (Reuters)

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 book building began on November 17 and investors have until December 4 to place orders. Aramco plans to sell 1.5 percent 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 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.

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