Amin H. Nasser, president and CEO of Saudi Aramco, speaks during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. Hamad Mohammed | Reuters

Saudi Arabia's state oil giant could be valued at up to $1.7 trillion, according to a price range announced Sunday for its upcoming listing, less than the $2 trillion figure the kingdom's crown prince had previously targeted. Saudi Aramco said in a press statement Sunday morning that it's hoping to sell a 1.5% stake in the company, or about 3 billion shares. The indicative price range for the shares is 30 Saudi riyals ($8.00) to 32 riyals, valuing the initial public offering (IPO) up to as much as 96 billion riyals ($25.60 billion) — at the top end of the range, according to Reuters. The figure implies that the oil giant is worth between $1.6 trillion to $1.7 trillion. The IPO next month could beat the record $25 billion raised by China's e-commerce firm Alibaba when it debuted in New York in 2014.

Aramco's listing is due in December and the company said last weekend that it will sell up to 0.5% of its shares to individual investors. Speculation and delayed announcements on the public listing of the world's most profitable company have riveted investors and market watchers since plans for the float were first disclosed three years ago. The oil giant has delayed the IPO — originally scheduled for 2018 — multiple times, reportedly over Saudi concerns about public scrutiny over its finances and because of the complexity of its corporate structure. Analysts' valuations of the company have varied from $1.2 trillion to $2.3 trillion. In comparison, Aramco's closest U.S. rival, Exxon Mobil, has a market cap of nearly $300 billion and Chevron is valued at about $229 billion. When the IPO was first flagged in 2016 by the now-Crown Prince Mohammed bin Salman, he said then that he believed the company was worth around $2 trillion.