Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

RIYADH (Reuters) - The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals (£39.28 billion), financial advisers for the IPO said on Tuesday.The bookbuilding process for allocating shares to institutional buyers - typically asset managers, insurers or pension funds - began on Nov. 17 and investors have until 1700 Saudi time on Dec. 4 to place orders. Aramco plans to sell 1.5% of its..