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Apple is about to get toppled by oil giant Saudi Aramco as the most valuable listed company

A staggering $1.7 trillion valuation still fell short of Saudi crown prince Mohammed bin Salman’s goal.

Apple is about to get toppled by oil giant Saudi Aramco as the most valuable listed company
[Photo: Saudi Aramco]
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In what is expected to be the largest initial public offering in history, a state-owned oil and gas behemoth in Saudi Arabia is about to become the most valuable publicly traded company in the world.

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Saudi Arabian Oil Co., aka Saudi Aramco, has just priced its shares at $8.53, which the Wall Street Journal reports is on the higher end of its target range. That figure would give Saudi Aramco a staggering valuation of $1.7 trillion, overtaking Apple’s current market value of $1.15 trillion.

Having raised $25.6 billion, the IPO’s dollar value also easily eclipsed the current record-holder, China’s Alibaba, which raised $25 billion back in 2014.

Toppling American and Chinese tech giants in the record books is clearly a symbolic coup for Saudi crown prince Mohammed bin Salman, but as Reuters points out, the valuation will still fall significantly short of his sought-after goal of $2 trillion. (Of course, it’s not too late to start a $300 billion GoFundMe.)

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Saudi Aramco is expected to begin trading on the Saudi stock exchange Tadawul on December 11.

About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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