Aramco's debut share sale pricing puts it on track to become world's largest IPO

Saudi Arabia's state-owned oil giant Saudi Aramco has valued its initial public offering (IPO) at the top of its symbolic range, setting the stage for what will become the world's biggest stock market debut.

Saudi Aramco's shares have been valued at 32 riyals ($8.53) each against an earlier indicative price range of 30-32 riyals per share, they said.

At the top end of the suggested range, Aramco will eclipse modern IPO record holder Alibaba's $25bn deal in 2014.

Saudi Arabia is relying gradually on internal and regional investors to sell a 1.5 per cent stake in Aramco after tepid interest from abroad, even at the melted valuation of $1.7 trillion.

That was below the $2 trillion targets initially sought by Saudi Crown Prince Mohammed bin Salman (MBS).

Aramco has failed to comment on the pricing of the deal. A formal notice is expected later on Thursday, the sources said.