After multiple delays, Saudia Arabia is finally making it happen.
A much-watched step in the country’s goals to modernize and privatize parts of its economy, its state-owned oil business, Saudi Aramco, raised $25.6 billion in the world’s largest IPO ever after pricing 3 billion shares at 32 riyals ($8.53) apiece.
The raise beats the largest yet—that of Alibaba’s in 2014—by about $600 million. It also crowns the company as the most valuable among publicly-traded companies right now.
Continue reading… “The world’s most valuable company”