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Saudi Arabia’s oil giant Aramco valued at 1.7 trillion dollars in IPO

The valuation exceeds that of Microsoft and Apple and marks the biggest such market move ever.

Saudi Arabia’s crown prince Mohammad bin Salman (Victoria Jones/PA)
Saudi Arabia’s crown prince Mohammad bin Salman (Victoria Jones/PA)

By Aya Batrawy, Associated Press

Saudi Arabia’s state-owned oil company Aramco has announced a stock price of 32 riyals, or 8.53 US dollars per share, laying the groundwork for a 25.6 billion US dollar sale in what could be the biggest initial public offering (IPO) ever.

The figure released on Thursday also affirms a 1.7 trillion dollar valuation for Aramco, exceeding both Microsoft and Apple.

The sale is part of a plan by Saudi Arabia’s Crown Prince Mohammed bin Salman to sell a 1.5% stake in the country’s crown jewel to help fuel the kingdom’s economy.

PA

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