State-owned oil giant Saudi Aramco’s initial public offering will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.
Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd’s record $25 billion listing in 2014.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple Inc as the world’s most valuable listed firm.
Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Dec. 11.
MacDailyNews Take: Apple, with a current valuation of $1.2 trillion, has some five days left to enjoy the throne. But, the market is a funny thing; Apple could retake the crown somewhere down the line, thanks to breakthrough new products and natural services growth.