The Saudi Aramco IPO moved forward on Sunday with the information that the company valuation would be between 1,6 – 17, trillion dollars. According to the news, Aramco is selling 1,5 % of its shares in this IPO with the price range on 30 – 32 riyals per share.
The oil company is expected to raise new capital between 24 – 25,6 billion dollars and would then be the world biggest IPO ever. This could beat the Chinese e-commerce Alibaba IPO which was 25 billion dollars in 2014.
It is expected that this IPO will be popular among the retail investors in Saudi Arabia and they are offered 0,5 % of the company. Institutional investors can subscribe until December the 4th.
The shares will not be offered in Japan, Canada or the US. Aramco is listing the shares in Riyadh Stock Exchange.
Aramco´s IPO is one of the biggest before the Christmas time and closing for the year. The Chinese Alibaba is also trying to arrange its second listing in Hong Kong Stock Exchange this year.