Aramco declares $1.71 trillion valuation in blockbuster IPO

Saudi Arabia on Sunday put a value of up to $1.71 trillion on energy giant Aramco in what could be the world’s biggest IPO, but missed Crown Prince Mohammed bin Salman’s initial target of USD 2 trillion.

Aramco said it would sell 1.5 per cent of the company in a blockbuster initial public offering worth $24-25.6 billion, scaling down Saudi Arabia’s initial plan to sell up to five per cent of the firm. “The base offer size will be 1.5 per cent of the company’s outstanding shares,” the state-owned energy giant said as it began taking bids from investors in a price range of 30-32 Saudi riyals per share (USD 8-8.5).