Saudi Aramco IPO: Seeks to Sell Up to $25.6 Billion in Shares - Bloomberg:
Saudi Arabia put a valuation on state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion, well short of the $2 trillion target sought by Crown Prince Mohammed bin Salman since he first mooted an initial public offering in 2016.
Aramco will sell just 1.5% of its shares on the the local stock exchange, the Tadawul, somewhat less than expected. At the lower end of the price range, the offer would fall short of a record, coming in just below the $25 billion raised Alibaba Group Holding Ltd.’s in 2014.
While the target valuation will make Aramco the world’s biggest public company by some distance, overtaking Apple Inc., the plans are a long way from Prince Mohammed’s initial aims: a local and international listing to raise as much as $100 billion for the kingdom’s sovereign wealth fund.
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