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Saudi Arabia’s oil giant Aramco valued at 1.7 trillion dollars in IPO

By Aya Batrawy, Associated Press

Saudi Arabia’s state-owned oil company Aramco has announced a stock price of 32 riyals, or 8.53 US dollars per share, laying the groundwork for a 25.6 billion US dollar sale in what could be the biggest initial public offering (IPO) ever.

The figure released on Thursday also affirms a 1.7 trillion dollar valuation for Aramco, exceeding both Microsoft and Apple.

The sale is part of a plan by Saudi Arabia’s Crown Prince Mohammed bin Salman to sell a 1.5% stake in the country’s crown jewel to help fuel the kingdom’s economy.