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Saudi Aramco aims to raise $25.6 billion in world’s biggest I.P.O.

In a year that brought several big I.P.O.s, the world might be about to see the largest stock debut on record.

Saudi Arabia’s state-owned oil company, Saudi Aramco, priced its offering at a level that would raise $25.6 billion, which would surpass the record $25 billion that Alibaba raised in 2014, write the NYT’s Kate Kelly and Stanley Reed.

• Aramco said it would sell shares to investors at a price of 32 riyals each, or about $8.53.

• It plans to sell three billion shares, or 1.5 percent of the company.

The I.P.O. price values Aramco at $1.7 trillion, which falls short of the Saudi royal family’s hopes for a valuation close to $2 trillion.