London/Vienna (CNN Business) Saudi Arabia has just pulled off the biggest initial public offering in history, raising $25.6 billion by selling shares in its giant state-owned oil monopoly . Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, the company said Thursday. The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of, which is worth about $1.15 trillion. Saudi Aramco said last month that it was aiming to sell about 1.5% of its 200 billion shares. But international investors were far less convinced about buying Aramco stock.

Source: CNN December 05, 2019 17:27 UTC