Saudi Aramco IPO set to value company up to $1.7 trillion

FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

DUBAI - 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, making it potentially the world’s biggest IPO. Aramco said on Sunday it plans to sell 1.5% of its shares or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the initial public offering , as much as 96 billion riyals at the top end of the range.

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. Reporting by Saeed Azhar and Hadeel Al Sayegh and Rania El Gamal, Editing by Carmel Crimmins and Ghaida Ghantous

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