Saudi Arabian Oil Company priced its long-anticipated IPO at 32 Saudi Rials ($8.53) a share Thursday, raising $25.6 billion dollars and topping the previous record IPO held by Alibaba (BABA) – Get Report.
Alibaba raised $25 billion in its 2014 IPO.
The pricing came in at the top of the anticipated range. However, the $1.7 trillion implied market valuation came up short of the $2 trillion sought by Saudi Crown Prince Mohammed bin Salman.
By contrast, Apple Inc. (AAPL) – Get Report, the largest U.S. company by valuation, currently carries a market cap of $1.2 trillion.
Saudi Aramco sold 3 billion shares in the offering. In addition the company granted underwriters options to purchase 450 million additional overallotment shares within 30 days of the start of trading.
The stock is expected to begin trading on Saudi Arabia’s Tadawul stock exchange on Dec. 11, according to published reports.
Apple is a holding in Jim Cramer’s Action Alerts PLUS member club.
