Saudi Aramco has received bids for its shares totalling $44.3 billion so far, lead manager Samba Capital said on Friday, putting its initial public offering on track to be over-subscribed.

The oil giant plans to sell 1.5% of the company’s shares for as much as SR96 billion ($25.6 billion), a deal which would give it a market value of $1.7 trillion.

Overall demand so far totals 1.7 times the amount of shares on offer, with institutional investors having until Dec. 4 to put their bids in.

In the first update on institutional investor interest in the listing, Samba said it had received bids from them worth SR118.86 billion riyals.

The retail tranche of the offering – which closed to subscribers on Thursday – has had bids totalling SR47.4 billion, around 1.5 times the amount of shares on offer to retail investors.

Sources told Reuters this week that the sovereign wealth funds of Abu Dhabi and Kuwait planned to invest in the IPO, which could be the world’s biggest if it tops the $25 billion record set by China’s Alibaba in 2014

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