Saudi Aramco valuation falls below $2tn target

World’s most profitable company names IPO share price bracket, valuing itself at up to $1.7tn

The value of Saudi Arabia’s state-owned oil giant has fallen below the $2tn target set by Crown Prince Mohammed bin Salman after a tepid response from international investors to its stock market flotation.

Saudi Aramco will sell up to 1.5% of the world’s most profitable company at between 30 riyal and 32 riyal a share (around 600-610p per share) through its market debut, it announced on Sunday. This would value the company at between $1.6tn and $1.7tn.

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