CNBC, American broadcasting outlet just reported that Saudi Aramco’s IPO share price has been released. In what it terms “top of the range” pricing, the share price sets the energy company as the largest IPO in history.
The price for Aramco’s IPO was set at $8.5 per share, which is priced at the top of the company’s indicative range. This effectively makes the state-owned company’s debut on the public market the biggest that has ever been recorded.
At $8.5 per share, the petroleum and natural gas company could potentially raise $25,600,000,000 in fundraising, according to CNBC.
CNBC reports that the valuation would make it higher than Alibaba’s IPO. Alibaba raised $25 billion in 2014, setting a record at the time.
CNBC reports that while the expected valuation of $1.7 trillion may be top of the range, it is shy of the Crown Price’s original valuation of $2 trillion.
Much of the funds would be raised predominantly through local investors after roadshows in London and New York were canceled due to low interest from the international community.