Saudi Aramco valuation set at up to US$1.7 trillion, no overseas roadshows for IPO

DUBAI: Saudi Aramco has set a price range for its listing that implies the oil giant is worth between US$1.6 trillion to US$1.7 trillion, below the US$2 trillion the Saudi crown prince had targeted but still making it potentially the world's biggest IPO.

Aramco does not plan to market its domestic IPO abroad, three people familiar with the matter said, which suggests international roadshows will not take place.Advertisement"This means most of the investors will participate as Qualified Foreign Investors in a Saudi transaction," another one of the people said.

On one hand, Aramco is the world's most profitable company with a planned dividend of US$75 billion next year, more than five times larger than Apple's payout, which is already the biggest of any S&P 500 company.On the other, it is a bet on the price of oil at a time when global demand is expected to slow from 2025 as measures to cut greenhouse gas emissions are rolled out and the use of electric vehicles increases.

The share sale is expected to be a huge hit among Saudi citizens who are being offered 0.5per cent of the company.

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