Saudi Arabia on Sunday put a value of up to $1.71 trillion on energy giant Aramco in what could be the world’s biggest IPO, but missed Crown Prince Mohammed bin Salman’s initial target of $2 trillion.
Aramco said it would sell 1.5% of the firm in a blockbuster initial public offering worth at least $24 billion.
“The base offer size will be 1.5 percent of the company's outstanding shares,” the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).
The much-delayed offering is scaled down from original plans, but it still rivals the world's biggest listing so far — the $25 billion float of Chinese retail giant Alibaba in 2014.
Aramco had initially been expected to sell a total of 5% on two exchanges. But the firm has said there are no current plans for an international stock sale, indicating that the long-discussed goal had been shelved for the time being.
