Aramco raises Rs3.96tr in biggest-ever IPO

RIYADH: Saudi Aramco priced its long-awaited IPO at the high end of the target range, raising $25.6 billion (Rs 3.96 trillion) and giving the energy giant a valuation of $1.7 trillion in the world’s biggest stock sale. Aramco priced its initial public offering at 32 riyals ($8.53) per share, surpassing the $25 billion raised by Chinese retail giant Alibaba when it debuted on Wall Street in 2014.