Oil giant Saudi Aramco’s preliminary valuation has been placed at between $1.6tn (£1.22tn) and $1.7tn, making it the world’s biggest initial public offering.
The company has published an updated prospectus for its initial public offering (IPO), seeking more than $25bn for the sale of 1.5% of the company .
It is short of the $2tn valuation that Crown Prince Mohammed bin Salman was reportedly keen to achieve.
“The base offer size will be 1.5% of the company’s outstanding shares,” the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-$8.5).
That could value the IPO at as much as 96bn riyals ($25.60bn) at the top end of the range.
If priced at the top end, the deal could just beat the record-breaking $25bn raised by Chinese e-commerce giant Alibaba in 2014.