Preliminary valuation on state-owned oil giant Aramco has been set between $1.6 trillion and $1.71 trillion.
This was the updated prospectus published on Sunday as the company is seeking to raise as much as $25.6 billion by selling a 1.5 percent stake.
In a report by Arabian Business, it said that although it falls short of Crown Prince Mohammed bin Salman’s initial $2 trillion target, it is expected that it could be the world’s biggest initial public offering.
There were already 16 banks who offered a valuation that ranges from $1.1 trillion at the bottom right up to $2.1 trillion.
However, Saudi Arabia has been pulling out all the stops to ensure the IPO is a success. This is considered key to the Crown Prince’s plans to diversify the economy.
The price range is set to 30 riyals to 32 riyals per share.
Aramco is set to publish its final price and valuation on Dec. 5.
