Saudi Arabia has sharply scaled back the initial public offering of its state oil giant after international investors gave its ambitious plans a lukewarm response.
The kingdom revealed on Sunday that it will seek to raise between $24-$25.6bn from the listing of Saudi Aramco, a fraction of the $100bn it had once hoped for.
Aramco will float just 1.5 per cent of its total shares to investors at price that will value the company at between $1.6tn-$1.7tn. This would still make it the largest listed company in the world — overtaking Apple — but it falls far short of the $2tn valuation sought by Crown Prince Mohammed bin Salman, the kingdom’s heir apparent.
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