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Saudi Aramco stock market listing to be the biggest in history

Tom Belger
·Finance and policy reporter
Yasser al-Rumayyan, Saudi Aramco's chairman, speaks during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed
Yasser al-Rumayyan, Saudi Aramco's chairman. Photo: Hamad I Mohammed/Reuters

The planned stock market listing by Saudi Arabia’s state-owned oil firm will the biggest ever initial public offering (IPO), new figures from the company suggest.

Aramco has confirmed its shares will be sold at $8.53 (£6.49) each, the top of a range it had previously highlighted.

It means the company could raise $25.6bn, topping the previous record $25bn listing by Alibaba five years ago.

It would give Aramco itself a $1.7 trillion valuation, leapfrogging Apple to become the highest valued company in the world, according to Reuters.

READ MORE: Aramco reportedly set for December IPO

Aramco has not yet confirmed when shares will begin trading on a Saudi exchange, but sources have previously told Reuters of an 11 December date.

Aramco told Yahoo Finance UK earlier this year it “does not comment on rumour or speculation.”

It added: “The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

In 2016, Prince Mohammed bin Salman had said he had hoped to float about 5% of Aramco via a local and international listing, with a company valuation of at least $2tn.

The kingdom has said the IPO is planned to raise funds to help diversify the economy away from a reliance on oil.