Saudi Aramco to raise $25.6bn in biggest IPO ever

Saudi Aramco set the price of its initial public offering at a level that would raise $25.6bn, a sum that is expected to make it the world's biggest IPO. The state-owned oil business will emerge as the world's most valuable listed company after valuing its shares at 32 riyals ($8.53) apiece before its float on Riyadh's stock exchange next week. At this price the mega-float would exceed the record $25bn debut of the Chinese online retailer Alibaba to make Aramco's IPO the biggest in history. Aramco relied on domestic and regional investors to sell a 1.5% stake after lukewarm interes...