Saudi Aramco pulls off world's biggest IPO
Saudi Arabia has just pulled off the biggest initial public offering in history, raising $25.6 billion by selling shares in its giant state-owned oil monopoly Saudi Aramco.
Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple Inc (AAPL.O) as the world’s most valuable listed firm. The size of the deal could yet rise to $29.4 billion, if an option to sell more shares is exercised, Reuters reported.