Aramco said on Sunday it plans to sell 1.5% of the company, or about 3 billion shares
Saudi Aramco is worth up to $1.7 trillion at the IPO price range set by the oil giant on Sunday, below the $2 trillion targeted by Saudi's crown prince but still vying for the title of the world's biggest IPO.
However Aramco cannot sell the shares directly to investors in the United States and other markets, as the deal will now be restricted to Saudis and foreign institutions, who can invest in shares in the kingdom's stock market.
Aramco said on Sunday it plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.
The IPO size could be bigger if they use a 15% over-allotment option, known as a "greenshoe" option.