The IPO values Aramco at $1.7tn - short of its $2tn target, but making it the most valuable listed company on earth.
The company is expected to list its shares on the Tadawul later this week.
But the move has yet to be decided, given the uncertainty surrounding the oil industry's future and Saudi Arabia's confrontation with Iran.
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Aramco priced its IPO at 32 riyals per share, the top of its indicative range, the company said in a statement, raising US$25.6 billion (S$34.8 billion) and beating Alibaba Group's record US$25 billion listing in 2014. Focus on Saudi investors Some 0.5% of total shares will be reserved for purchase by individual investors. The rest will be open to institutional investors, including sovereign wealth funds, asset managers, and government-run pension programs.
Aramco did not say when shares would start trading on the Saudi stock market but two sources said it was scheduled for Wednesday.
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However, it remains to be seen whether the share prices rises or falls when trading begins. Now there are no immediate plans to list on an global stock exchange.
Aramco has planned a dividend of US$75 billion for next year, more than five times larger than Apple's payout, which is already among the biggest of any S&P 500 company. The core business of Saudi Aramco - oil - is considered by many experts its biggest risk. In addition, the Saudi government retains control of production levels, which affects Aramco's output potential.
The IPO came as Saudi Arabia met with Russian Federation and other members of the Organization of the Petroleum Exporting Countries (Opec) in Vienna to discuss oil production.
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