Saudi Aramco prices shares at top of range in world's biggest IPO - Reuters:
State-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd’s (BABA.N) record $25 billion listing in 2014. At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple Inc (AAPL.O) as the world’s most valuable listed firm. But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince.
Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Dec. 11.
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