Saudi Aramco raised USD 25.6 billion from the world’s biggest initial public offering.
The state-owned oil giant set the final price of its shares at USD 8.53 valuing the world’s most profitable company at USD 1.7 trillion.
For Crown Prince Mohammed Bin Salman, the sale could help restore credibility undermined by setbacks to his blueprint to overhaul the economy and a global reputation tarnished by the murder of Washington Post columnist Jamal Khashoggi and the war in Yemen.
But the deal ended up being very different from what the prince had envisaged when he first floated the idea in 2016 with an ambition to raise as much as usd 100 billion. Aramco offered just 1.5% of its shares and opted for a local listing after global investors balked at its hopes of valuing the company at $2 trillion.