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UPDATE 1-Saudi Aramco IPO's retail offer fully covered with $8.7 bln in orders - lead manager

(Adds details, background)

RIYADH, Nov 27 (Reuters) - The retail portion of Saudi Aramco's initial public offering (IPO) has been fully covered, with orders reaching 32.57 billion Saudi riyals ($8.7 billion), lead manager Samba Capital said on Wednesday.

The state-owned oil giant plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a market value of between $1.6 trillion and $1.7 trillion.

Aramco has said at least one-third of the sale is expected to be covered by retail investors, who have until Nov. 28 to sign up.

Around 3.72 million retail investors had subscribed to 1.017 billion shares by 20:00 (1700 GMT) on Nov. 27, the statement said.

The IPO is the centrepiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from its reliance on oil.

(Reporting by Marwa Rashad; Editing by Jonathan Oatis, Kirsten Donovan)

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