Saudi Aramco IPO set to get highest ever valuation, up to $1.7 trillion
Updated : November 17, 2019 12:55 PM IST
Saudi Aramco has set a price range for its listing that implies the oil giant is worth between $1.6 trillion to $1.7 trillion, below the $2 trillion that the Saudi crown prince had previously targeted.
Aramco said on Sunday it plans to sell 1.5 percent of its shares or about 3 billion shares, at an indicative price range of 30 riyals ($8.00) to 32 riyals.
Aramco could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba when it made its stock market debut in New York in 2014.