Saudi Arabia, state oil company Aramco has set a share price for its much-anticipated initial public offering.
According to reports, Aramco has set a share price that will value the company’s initial public offering (IPO) at 25.6 billion Dollar, making it the largest ever seen. In a statement, Aramco said that the IPO will consist of 3 billion shares, or 1.5% of the company, offered for 8.00 to 8.53 Dollar per share. The Saudi’s state-owned crude oil company had announced in November that it would be putting shares up for sale.
The move is part of the country’s plan to diversify its economy away from its dependence on oil and increase the country’s sovereign wealth fund for investment in other projects.
Aramco’s IPO tops a record-breaking 25 billion dollar IPO in 2014 from Chinese internet giant Alibaba.