Saudi Aramco’s IPO will reportedly value the oil giant at $1.7 trillion, making it the biggest in history

Saudi Aramco’s IPO will reportedly value the oil giant at $1.7 trillion, making it the biggest in history

Saudi Aramco is expected to be valued at $1.7 trillion in its upcoming initial public offering, The Wall Street Journal reported Thursday. 

The company expects to raise $25.6 billion from the IPO, according to the report. That means it's the largest-ever IPO 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 $8.53 (32 Saudi riyals) each, The Journal reported. 

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Energy giant Saudi Aramco is expected to be valued at $1.7 trillion in its upcoming public offering, The Wall Street Journal reported 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. At that valuation, the initial public offering would be the world's largest ever, beating out Alibaba Group's current record IPO, which raised $25 billion in 2014. 

The company is expected to sell 3 billion shares for a 1.5% stake at $8.53 each, or 32 Saudi riyals, the Journal reported. 

That's the top of the company's range between 30 and 32 Saudi riyals, according to The Journal, which was set in mid-November. Still, it falls short of the $2 trillion valuation