Riyadh/Dubai: Saudi Aramco's initial public offering (IPO) will be the biggest in history.
Aramco priced its IPO at 32 riyals ($8.53) per share, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.
At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple Inc as the world's most valuable listed firm. The listing is expected later this month on the Riyadh stock exchange.
Saudi Arabia relied on domestic and regional investors to sell a 1.5 per cent stake.
Demand from institutional investors, including Saudi funds and companies, reached $106 billion, while retail investment's demand hit $12.6 billion.
Around 4.9 million Saudi retail investors have bought shares in the oil giant, including 2.3 million aged between 31-45.
Aramco's advisors said they may partly or fully exercise a 15pc "greenshoe" option, allowing it to increase the size of the deal to a maximum of $29.4 billion.
The pricing comes as the Organization of the Petroleum Exporting Countries (OPEC) is gearing up to deepen oil supply cuts to support prices, provided it can strike a deal later this week with allies such as Russia.