On Sunday, Saudi Aramco set its target to sell 1.5 percent stake in the oil giant or about 3 billion shares, at a price range of 30 riyals to 32 riyals for its initial public offering (IPO). The IPO issue, which could fetch as-much-as 96 billion riyals ($25.6 billion), gives the company a potential market valuation of between $1.6 trillion and $1.7 trillion, which is lower than Saudi crown prince's earlier target.
The issue, however, holds the potential to become the world's biggest IPO, beating Chinese e-commerce giant Alibaba's record of $25 billion IPO issue at the New York Stock Exchange in 2014.
But, on the lower range, the Saudi Aramco IPO could fetch $24 billion.
The offer period on the issue started on 17 November and closes on 4 December. The company will be pricing its shares on 5 December and they will be listed on the Saudi Stock Exchange (Tadawul) by mid-December.
The IPO of the world's largest oil company opens up the ownership of a government-owned company for the first time to the residents of its kingdom.
For retail investors, the company has a target offering of 0.5 percent stake, in which only Saudi Arabian nationals can participate.
As per its 2018 published financial reports, Saudi Aramco is the most profitable company in the world and has a planned a dividend payout of $75 billion next year, which is over five times the payout by Apple Inc (the most profitable listed company at present).