Saudi Aramco values its shares at $1.7 Trillion

The Saudi Arabian Oil giant Saudi Aramco, priced its IPO at 32 riyals ($8.53) per share which went beyond its indicative range, according to CNBC. In other words, the company is on its way to raise as much as $25.6 billion, according to CNBC.

The state-owned Saudi Aramco’s public offering public will become the largest in the world which will surpass the amount of $25 billion Alibaba raised when it marked its IPO in September 2014.

Although, Aramco’s initial public offering reached beyond the indicative range, the $1.7 trillion valuation didn’t succeed in reaching the expected value targeted by the kingdom.

The IPO of Saudi Aramco has been highly anticipated, and it is currently, most profitable company in the world. It will debut locally on the Tadawul, Saudi Arabia’s stock exchange.

(Reference: CNBC)