Saudi Aramco raises $25.6 b in the world’s biggest IPO
Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the oil-rich nation.
The state-owned oil giant set the final price of its shares at 32 riyals ($8.53), valuing the world’s most profitable company at $1.7 trillion. It received total bids of $119 billion.
Aramco offered just 1.5 per cent of its shares and opted for a local listing after global investors balked at its hopes of valuing the company at $2 trillion.
