- Saudi Aramco is expected to be valued at $1.7 trillion in its initial public offering, The Wall Street Journal reported on Thursday.
- The company expects to raise $25.6 billion from the IPO, according to the report. That would make it the largest on record, beating out Alibaba's $25 billion IPO in 2014.
- Saudi Aramco is expected to sell 3 billion shares, or a 1.5% stake in the company, at 32 Saudi riyals ($8.53) each, The Journal reported.
- Read more on Business Insider's homepage.
The energy giant Saudi Aramco is expected to be valued at $1.7 trillion in its public offering, The Wall Street Journal reported on Thursday, citing people familiar with the matter.
The state-owned oil company is expected to raise $25.6 billion from the IPO, The Journal reported. That would make it the world's largest, beating out Alibaba Group, which raised $25 billion in 2014.
The company is expected to sell 3 billion shares for a 1.5% stake at 32 Saudi riyals ($8.53) each, The Journal reported.
That would be at the top of the company's expected range of 30 to 32 riyals set in mid-November, according to The Journal. Still, it falls short of the $2 trillion valuation that Saudi Crown Prince Mohammed bin Salman wanted for Aramco.
The IPO is set to be only on Saudi Arabia's stock exchange. In November, Saudi Aramco scrapped roadshows in London, as well as in Asia and the Americas.