Saudi state-run oil behemoth Aramco is set to make history when, in its initial public offering, it will offer a 1.5% stake for a total of $25.6 billion, representing a market cap of $1.7 trillion. Both are records.
Aramco, which is controlled by the Saudi Arabian government, is the world's most profitable company. It is overseen by Mohammed bin Salman, the crown prince of Saudi Arabia. The prince has been looking to sell a stake in the company for nearly four years.
Bin Salman had reportedly hoped to see the company valued at $2 trillion. Nevertheless, Aramco will be the largest publicly traded company by market cap, and will raise the largest amount of money in its initial public offering in history.