Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, according to three sources familiar with the decision, raising $25.6 billion and beating Alibaba’s (BABA.N) record $25 billion listing in 2014.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple (AAPL.O) as the world’s most valuable listed firm. But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince.
Aramco IPO Update - Dec 6
Aramco IPO Update - Dec 6
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group