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Saudi Aramco Seeks $1.71 Trillion Valuation In IPO

Saudi Aramco said Sunday that it plans to sell a 1.5% stake in the company or about 3 billion shares through an initial public offering for the estimate price between 30 riyals or $8 per share and 32 riyals or $8.53 per share.

Saudi Arabia's state oil giant could be worth between 6 trillion riyals or $1.6 trillion and 6.4 trillion riyals or $1.7 trillion, less than the $2 trillion figure the kingdom's crown prince had previously targeted.

The share sale would raise over $25 billion, making it slightly bigger than Chinese e-commerce firm Alibaba's 2014 debut on the New York Stock Exchange.

Saudi Aramco will set the price for its initial public offering on December 5, with trading on the Saudi stock exchange expected to start later that month.

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