adminDUBAI. — Saudi Aramco is worth up to $1,7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.
Aramco cannot sell its shares directly to investors in the United States and other markets, as the initial public offering (IPO) will be restricted to Saudis and those foreign institutions permitted to invest in the kingdom’s stock market.
The oil giant said it plans to sell 1,5 percent of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25,6 billion) and giving the company a potential market value of between $1,6 trillion and $1,7 trillion. This could just beat Chinese e-commerce giant Alibaba’s record $25 billion New York stock market debut in 2014. — Reuters.
Online Reporter