Business

Saudi Aramco raises $25.6 billion in initial stock offering: Sources

Saudi Aramco raises $25.6 billion in initial stock offering: Sources
NEW YORK: Saudi Arabia's state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising $25.6 billion, two sources told AFP.

Aramco shares will sell on the Riyadh stock exchange at a starting prices of 32 riyals, putting the value of the company at $1.7 trillion, the sources said, making it the biggest company ever.

That sum raised by the oil giant surpasses the $25 billion raised by the Chinese online trading group Alibaba in 2014 when it entered Wall Street.