Saudi Arabia has just pulled off the biggest initial public offering in history, raising $25.6 billion by selling shares in its giant state-owned oil monopoly.
Saudi Aramco sold 3 billion shares at 32 riyals each in its IPO, according to a source familiar with the IPO process. That means the deal raised more than China's Alibaba in its 2014 public debut. Aramco declined to comment.The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple , which is worth about $1.15 trillion. Saudi Aramco said last month that it was aiming to sell about 1.5% of its 200 billion shares.
which is meeting Thursday in Vienna, is expected to extend supply cuts that have been in place since 2017, part of a bid by Saudi Arabia to prop up prices.
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