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The Saudi Aramco oil refinery in Saudi Arabia. Photo: Tom Stoddart/Hulton Archive/Getty Images

Saudi Arabian state-owned oil giant Saudi Aramco said in an updated prospectus Sunday that it has set an initial valuation of $1.6 trillion to $1.71 trillion.

Why it matters: The IPO could potentially be the world’s biggest, though it does fall short of Saudi Crown Prince Mohammed bin Salman's hopes of a $2 trillion valuation.

By the numbers: Aramco said it intends to raise up to 96 billion riyals ($25.6 billion) by selling 1.5% of its shares at 30–32 riyals ($8–$8.5).

  • Chinese e-commerce giant Alibaba Group raised $21.8 billion in its initial stock sale in 2014 — the largest ever IPO.

What's next: Aramco is due to publish its final valuation on Dec. 5, per Bloomberg.

Go deeper:

Editor's note: This article has been updated with new details throughout.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden readies massive shifts in policy for his first days in office.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
  6. World: WHO team arrives in China to investigate pandemic origins.
Dave Lawler, author of World
3 hours ago - World

Alexey Navalny detained after landing back in Moscow

Navalny and his wife shortly before he was detained. Photo: Kirill Kudryavtsev/AFP via Getty

Russian opposition leader Alexey Navalny was detained upon his return to Moscow on Sunday, which came five months after he was poisoned with the nerve agent Novichok. He returned despite being warned that he would be arrested.

The latest: Navalny was stopped at a customs checkpoint and led away alone by officers. He appeared to hug his wife goodbye, and his spokesman reports that his lawyer was not allowed to accompany him.

Mike Allen, author of AM
5 hours ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.

You’ve caught up. Now what?

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