Retail investors in the world’s biggest IPO will have to bid at the top end of the price range.

Saudi Aramco will set the final price for all investors based on institutional investors’ book-building process, according to a statement. If the final offer price is lower than the top end, retail investors will have the option to get additional shares or a refund.

The price range will be announced on Nov. 17 and the final price on Dec. 5.

Meanwhile, Saudi Aramco’s gigantic initial public offering could see retail investors returning to the Riyadh stock exchange as local individuals snap up shares in the world’s most profitable company.

As much as 0.5% of the stock will be allocated to individual investors, the oil behemoth said over the weekend in its offering prospectus, while leaving potential buyers in the dark about the size of the stake it plans to sell and the pricing range.

Were the company to fetch a valuation of $1.5 trillion -- lower than the range aimed for by Saudi Arabia, but closer to estimates by foreign investors -- the portion set aside for individuals could be $7.5 billion. Some locals have been selling part of their equity portfolios recently to raise cash for Aramco stock, according to analysts and investors. Aramco’s IPO may go some way toward bridging a divide that has seen locals selling shares in Riyadh, even as foreign investors have been steady buyers.

Retail investors in Aramco’s shares will have to bid at the top end of the price range, which will be announced Nov. 17, the oil company said in a statement Tuesday.

The final price for all buyers will be set after a book-building process with institutional investors and if this turns out to be lower than the top end of the range, retail buyers will have the option of taking additional shares or a refund, it said.

Individuals were consistent net sellers in Riyadh even before the IPO was confirmed, stepping up their disposals amid rising geopolitical concerns, such as the September drone attacks on Aramco’s oil facilities. Foreigners, on the other hand, have been persistent buyers, followed by local institutional funds. This stemmed mostly from the kingdom’s promotion to major emerging-market equity benchmarks, which triggered passive buying by global funds.

The Tadawul All Share Index was up 0.7% as of 1:05 p.m. in Riyadh, extending its increase this year to 2%.