Riyadh, Dec. 6 -- Saudi Arabian state oil giant Saudi Aramco on Thursday priced its initial public offering (IPO) at the high end of the targeted range, a level that will allow the company to raise a record total of at least $25.6 billion.
The company plans to sell 3 billion shares, or 1.5 per cent of its total shares, at a price of 32 Saudi riyals ($8.53) per share.
This IPO's size gives Aramco a market valuation of $1.7 trillion, pushing it ahead of Apple ($1.17 trillion) as the world's most valuable publicly traded company, Efe news reported.
Trading of Aramco's shares is expected to begin next week pending an announcement by Riyadh's stock exchange.
Aramco had previously announced that its shares would not be offered in the United S...