Saudi Aramco announced that it plans to sell 3 billion shares at 32 riyals ($8.53) each to investors when it launches its IPO on Wednesday. This listing would raise $25.6 billion and make it the world largest stock debut on record.
The price values Aramco at $1.7 trillion, which falls short of the intial hope for a valuation close to $2 trillion.
The Saudi securities exchange, Tadawul, said in a statement on Friday that Saudi Aramco's shares will start trading on Wednesday 11th.
The state-owned oil business will emerge as the world’s most valuable listed company after valuing its shares at $1.7tn ahead of Apple which is worth about $1.15 trillion. The price would also beat the record $25 billion debut of the Chinese online retailer Alibaba in 2014.