Saudi Arabia’s state-owned oil company Aramco on Thursday set a share price for its IPO, expected to be the biggest ever, that puts the value of the company at $1.7 trillion.
The company said it will sell its shares at 32 riyals ($8.53) each, putting the overall value of the stake being sold at $25.6 billion. That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about $25 billion in 2014.
Aramco, which pumps and produces Saudi Arabia’s crude oil to the world, is floating a 1.5% stake in the company, or 3 billion shares. Trading is expected to happen on the Saudi Tadawul stock exchange by mid-December.