Aramco Valued at $1.7 Trillion in World’s Biggest IPO

Thursday - 05/12/2019 15:57
Saudi oil giant’s IPO breaks record set by Alibaba Group in 2014


Saudi Aramco priced its initial public offering Thursday at the high end of the targeted range to give the oil giant a total value of $1.7 trillion in the world’s biggest-ever IPO.

The state-controlled Saudi Arabian Oil Co., commonly known as Aramco, said it would sell 3 billion shares, or a 1.5% stake of the company, at 32 Saudi riyals ($8.53), or at the top of the targeted range of 30 to 32 riyals for a total of $25.6 billion. That exceeds the $25 billion IPO in 2014 of Chinese online commerce company Alibaba Group Holding...

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 Keywords: saudi arabia

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