Saudi Arabia's state-owned oil company Aramco today set its value at £1.3 trillion, in the biggest initial public offering ever, but falling short of the Crown Prince's target. Mohammed bin Salman had been hoping to smash a $2 (£1.5) trillion target with the IPO which is selling shares at 32 riyals (£6.48) each. The overall value of the stake being sold, just a 1.5% sliver of the company, is valued at £19.5 billion. That surpasses IPO record holder Alibaba Group Holding Ltd, the Chinese conglomerate and e-commerce company that raised about £19 billion in 2014. The IPO price is at the top of the range that Aramco had sought.

Source: Daily Mail December 05, 2019 21:33 UTC