DUBAI/RIYADH, Dec 5 Reuters) - State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, three sources told Reuters, making it the world’s biggest flotation as it will raise more than Alibaba’s $25 billion deal in 2014.
Saudi Aramco’s shares have been priced at 32 riyals ($8.53) each against an earlier indicative price range of 30-32 riyals per share, they said.
Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion. That was below the $2 trillion target initially sought by Crown Prince Mohammed bin Salman.
Aramco has declined to comment on the pricing of the deal. ($1 = 3.7500 riyals)
Reporting by Hadeel Al Sayegh, Rania El Gamal and Marwa Rashad; Editing by Susan Fenton