The IPO is the culmination of a years-long effort to sell a portion of the world's most profitable company and raise funds to help diversify the kingdom away from oil and create jobs for a growing population.
RIYADH/DUBAI: State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.
Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.
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