Aramco IPO set to raise $25.6 billion in world’s biggest IPO



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Aramco IPO set to raise $25.6 billion in world’s biggest IPO

OPEC-kingpin, Saudi Arabia’s state-owned oil giant, Aramco, the most profitable company in the world on an unaudited basis, has been all set to score the largest IPO (Initial Public Offering) in history, as the Saudi oil giant was seeking to price its shares at top of range, at least three sources familiar with the issue had unveiled earlier on Thursday, the 5th of December 2019, ahead of a much-anticipated announcement on condition of anonymity since the sources were not authorized to speak over the subject-matter on public.

On top of that, one of the three sources had been quoted saying earlier on Thursday (December 5th) that despite an IPO pricing at the top of range, Saudi Aramco’s valuation would likely to fall substantially short of a monumental valuation of $2 trillion long-sought by the Saudi Crown Prince, Mohammed bin Salman, since Aramco management board had already reached a decision to price its IPO at $8.53 per share or 32 riyals per share, at the top of its range, which in effect would raise a sum of $25.6 billion and would beat Alibaba’s $25 billion blockbuster IPO in NYSE back in the 2014s, but would fail to reach a market cap of $2 trillion.

Besides, sources had also added that at this standpoint, the Saudi oil giant would have a market valuation of $1.7 trillion, remarking a sufficient sum to undisputedly overtake Cupertino-based iPhone maker Apple Inc. as the world’s most valuable publicly traded firm.