Around 4.9 million Saudi retail investors have bought shares in the oil giant.

The bank said it offers to sale up to 1,04,59,949 equity shares subject to approval from the Sebi.

Saudi banks have been offering citizens easy loans to bid for shares in Aramco.

Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets.

Aramco cannot sell its shares directly to investors in the United States and other markets, as the IPO will be restricted to Saudis.

Bankers have told the Saudi government that investors will likely value the company at around USD 1.5 trillion.

Aramco was expected to launch the first part of a two-stage IPO earlier in October.

Reasons for withdrawal of the offer documents have not been disclosed.

The IPO will be a gift from the government to the Saudi people and they will want as many of them as possible to take part in it.

The Rs 645-crore IPO received bids for 225 crore shares against total issue size of 2 crore scrips, according to the data available.