Saudi Arabia’s state-owned oil company Aramco has announced a stock price of 32 riyals, or 8.53 US dollars per share, laying the groundwork for a 25.6 billion US dollar sale in what could be the biggest initial public offering (IPO) ever.
The figure released on Thursday also affirms a 1.7 trillion dollar valuation for Aramco, exceeding both Microsoft and Apple.
History bares witness to our continued efforts in supplying the world with energy… Learn about the early stages of our journey#aramco #OilDiscovery pic.twitter.com/2FnPnTugCw
— Aramco (@Aramco) November 29, 2019
The sale is part of a plan by Saudi Arabia’s Crown Prince Mohammed bin Salman to sell a 1.5% stake in the country’s crown jewel to help fuel the kingdom’s economy.
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