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