Saudi Aramco is set to raise $25.6 billion (KSh2.6 Trillion) in its upcoming Initial Public Offering (IPO). It will beat Alibaba’s $25 billion listing in 2014, making it the biggest ever IPO in the world.
The oil giant has valued its shares at 32 riyals ($8.53) per share before it floats on Riyadh’s stock exchange next week. The company is looking to sell 3 billion shares for a 1.5% stake.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple as the world’s most valuable listed firm. Apple is valued at $1.17 trillion.
As reported by The Guardian, Aramco plans to list just 1.5% of the company on the local Tadawul stock exchange after marketing the float almost exclusively to investors in Saudi Arabia and the Middle East.
Saudi Aramco holds a monopoly in Saudi Arabia. It produces over 10 million barrels of crude oil a day and is the world’s largest exporter of crude oil.