Deals
Saudi Aramco Raises $25.6 Billion in World’s Biggest IPO
- Oil giant to overtake Microsoft, Apple as biggest listed firm
- Aramco share offering was more than 4.6 times oversubscribed
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Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the nation.
The state-owned oil giant set the final price of its shares at 32 riyals ($8.53), valuing the world’s most profitable company at $1.7 trillion. It received total bids of $119 billion.