Saudi Aramco Launched World’s biggest IPO
Saudi Oil company Aramco launched its initial public offering (IPO), which will be the biggest in history.
Aramco priced its IPO at 32 riyals ($8.53) per share, raising $25.6 billion and beating Alibaba’s record of $25 billion NYSE listing in 2014.
However, the IPO valuation is still significantly short of $2 trillion valuations sought by Saudi Crown Prince Mohammed bin Salman.
Aramco has declined to comment on the IPO pricing until the article is going live.
Aramco market valuation of $1.7 trillion overtaking Apple as the world’s most valuable listed firm. As per the news, Saudi Arabia relied on domestic and regional investors to sell its 1.5% stake because of climate change concerns, political risk and a lack of corporate transparency put foreign investors off the offeri...