Saudi Aramco is now the world's most valuable listed firm after its initial public offering (IPO) raised $25.6 billion and took its market valuation to $1.7 trillion, comfortably overtaking Apple.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, raising $25.6 billion and beating Alibaba's record $25 billion-listing in 2014.Notably, while the biggest IPO in history and is expected later this month on the Riyadh stock exchange, it still falls short of the towering $2 trillion valuations long sought by Crown Prince Mohammed bin Salman.Close Saudi Arabia relied on domestic and regional investors to sell a 1.5 percent stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion. related news No apology to Elon Musk from British diver at 'pedo guy' defamation trial US likely to hit China over human rights despite trade talks John Kerry endorses Joe Biden for president Sources told Reuters earlier … [Read more...] about Saudi Aramco beats Apple to take most valuable company spot after blockbuster IPO
