World's biggest public offering: Saudi Aramco seeks $1.71 trn in valuation

The company is seeking to raise between $24 billion and $25.6 billion by selling a 1.5% stake, putting it close to Alibaba Group Holding Ltd.'s $25 billion deal

Saudi Arabia put a preliminary valuation on its state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion, short of the $2 trillion target set by Crown Prince Mohammed bin Salman in 2016.

Aramco will mainly rely on local demand -- one third of the offering is reserved for Saudi retail investors -- and it pulled plans to market the deal in the US There was also no mention of cornerstone investors in the updated prospectus.

The company is seeking to raise between $24 billion and $25.6 billion by selling a 1.5% stake, putting it close to Alibaba Group