Saudi Aramco’s bookrunners have recommended pricing its initial public offering at 32 riyals ($8.5) per share, the top of an indicative price range, three sources familiar with the deal said, potentially making it the world’s biggest IPO.
At that level, Aramco would have a market valuation of $1.7 trillion, comfortably overtaking Apple as the world’s most valuable listed firm but missing the $2 trillion target initially sought by Crown Prince Mohammed bin Salman.
A final pricing decision will be taken later on Wednesday by an executive committee overseeing the IPO that includes top government officials, Aramco executives and bankers. The committee reports directly to The Saudi crown prince.
