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Saudi Aramco plans record $25.6bn IPO, topping Alibaba

Crown prince concedes on $2tn valuation to fund economic reforms

Saudi Aramco would become the world's most valuable public company under share prices announced Nov. 17.   © Reuters

DUBAI, United Arab Emirates -- Saudi Aramco is looking to raise up to $25.6 billion in its initial public offering planned for December, overtaking the $25 billion record set by China's Alibaba Group Holding in 2014.

Officially known as Saudi Arabian Oil Co., the state-run petroleum and gas company announced Sunday that it plans to sell 1.5% of its shares for 30 to 32 Saudi riyal apiece on the Saudi Stock Exchange.

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