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Aramco declares USD 1.71 trillion valuation in blockbuster IPO

Riyadh: Saudi Arabia on Sunday put a value of up to USD 1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of USD 2 trillion.

Aramco said it would sell 1.5% of the company in a blockbuster initial public offering worth at least $24 billion.

"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). Saudi Arabia is pulling out all the stops to ensure the success of the IPO