DUBAI — Saudi Aramco has set a price range for its listing that implies the oil giant is worth between $1.6 trillion to $1.7 trillion, below the $2 trillion the Saudi crown prince had targeted but still making it potentially the world's biggest IPO. Aramco said on Sunday it plans to sell 1.5% of its shares or about 3 billion shares, at an indicative price range of 30 riyals ($8.00) to 32 riyals - valuing the IPO at as much as 96 billion riyals ($25.60 billion) at the top end of the range. If priced at the top, the deal could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba in its stock market debut in New York in 2014. Aramco's float is the centrepiece of Crown Prince Mohammed bin Salman's plan to diversify the world's top crude exporter away from oil.

Source: International New York Times November 17, 2019 07:07 UTC