The Gulf energy giant has discussed pricing its IPO shares at 32 riyals apiece, after marketing them at 30 to 32 riyals each,
Although the IPO has received more than enough bids, the level of interest so far is relatively muted compared with other emerging market IPOs
The state-owned oil giant plans to sell 1.5% of the company's shares for as much as 96 billion riyals ($25.6 billion), a deal which would give it a market value of $1.7 trillion
It will be the world's biggest IPO if it tops the $25 billion set by China's Alibaba in 2014
The last day of subscription for the retail tranche of the share sale is Nov. 28, it said. Aramco launched the IPO on November 3
The retail portion of the planned deal had received 10 billion riyals, it also said.
Building early momentum is important in large equity offerings, as investors are encouraged to jump in when they see other institutions rushing to buy shares.
Saudi Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth between $24 billion and $25.6 billion
The IPO once was promoted as the strongest sign of economic change in Saudi Arabia
The company is seeking to raise between $24 billion and $25.6 billion by selling a 1.5% stake, putting it close to Alibaba Group Holding Ltd.'s $25 billion deal
Over the past 10 years (since 2009) only a handful of leading oil & gas exploration companies have delivered stellar gains
Saudi Arabia is pulling out all the stops to ensure the success of the IPO after Crown Prince Mohammed bin Salman finally decided to offer shares in the world's largest oil producer
The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it will float, although sources have previously said this could be 1-2 per cent
To lure investors, Aramco has promised a bumper dividend payment of at least $75 billion a year
Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers
The government is looking to list 2% of the company on the Saudi bourse rather than listing the entire share capital on the exchange, the sources said.
The state-owned firm is the world's largest oil producer, pumping 10% of the world's supply, and the most profitable company with its half-year net profit rising 12% to $46.9 billion.
Aramco could offer 1%-2% of its shares, raising as much as $20 billion to $40 billion
Saudi Arabia is pulling out all the stops to ensure the success of Aramco's initial public offering after Crown Prince Mohammed bin Salman finally decided to offer shares
The approval shall be valid for six months, and the company's prospectus will be published prior to the start of the subscription period, according to the statement