Saudi Arabia’s Aramco said it aims for a valuation of $1.6 trillion to $1.7 trillion from the planned initial public offering of the state-owned energy giant, falling well short of the initial $2 trillion targeted by Crown Prince Mohammed bin Salman in what could still be the world’s biggest ever IPO. In a statement Sunday, Aramco said that it aims to price the offering at between 30 and 32 Saudi Arabian riyal (between $8 and $8.52) a share and sell a small stake of 1.5% or 3 billion shares in the IPO. At the midpoint of the...

Source: Wall Street Journal November 17, 2019 08:09 UTC