#Saudi Stocks Fall as Aramco Seeks $1.71 Trillion IPO Valuation - Bloomberg

Saudi Stocks Fall as Aramco Seeks $1.71 Trillion IPO Valuation - Bloomberg:

Saudi stocks fell, reversing earlier gains, as investors digested the kingdom’s plan to sell a 1.5% stake in the state oil company.

The Tadawul All Share Index dropped 0.4% as of 11:58 a.m. in Riyadh, after climbing as much as 0.4%. Telecommunications stocks led declines, while Al Rajhi Bank and Alinma Bank added the most to gains.

Saudi Aramco, the world’s most profitable company, said in an updated prospectus on Sunday that it will offer shares in a range of 30 Saudi riyals to 32 Saudi riyals, for a valuation of as much as $1.71 trillion. Investors may now be positioning for what could be the world’s largest initial public offering at as much as $25.6 billion, even if the stake sale size is smaller than some analyst forecasts.