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Saudi Arabia Evaluates Aramco between $1.6tn to $1.7tn

Dubai – Masaader News

Saudi Arabia evaluated oil company Aramco of $1.6tn (£1.22tn) to $1.7tn, according to BBC.

The company has published an updated prospectus for its initial public offering (IPO), seeking more than $25bn for the sale of 1.5% of its shares.

That would make it potentially the world’s biggest IPO, coming from the world’s most profitable company.

That could value the IPO at as much as 96bn riyals ($25.60bn) at the top end of the range.

If priced at the top end, the deal could just beat the record-breaking $25bn raised by Chinese e-commerce giant Alibaba in 2014.

Individual retail investors, as well as big institutions, will have a chance to buy shares.

Aramco had initially been expected to sell some 5% of its shares on two exchanges, with a first listing of 2% on the kingdom’s Tadawul bourse, and then another 3% on an overseas exchange.

The firm says there are now no current plans for an international sale.

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