Amin H. Nasser, President and CEO of Saudi Aramco, speaks during a press conference at the Plaza Conference Center in Dhahran, Saudi Arabia, on November 3, 2019.
Hamad Mohammed | Reuters
Saudi Aramco has set a price range for its listing, which implies that the oil giant has a value between $ 1.6 trillion and $ 1.7 trillion, below the $ 2 trillion that the Saudi Crown Prince had previously targeted. 1
Aramco just managed to beat the record $ 25 billion of Chinese e-commerce giant Alibaba on its 2014 New York Stock Exchange debut.
Speculation and late announcements in the listing of the world's largest corporation have captivated investors and market watchers since the IPO plans were first released three years ago.
The oil giant has postponed the original IPO planned for 2018 several times, reportedly due to Saudi's concerns about public scrutiny of its finances and the complexity of its corporate structure. The listing would be the largest public offering in history.
Aramco's listing aims to raise money for a government that wants to significantly reduce its budget deficit and diversify its economy beyond crude oil under Crown Prince Mohammed bin Salman's vision in 2030.
– Natasha Turak of CNBC has contributed to this article.