Saudi Arabian oil giant Aramco set its valuation between $1.6 trillion and $1.7 trillion on Sunday, which is below the $2 trillion price tag predicted by Saudi Crown Prince Mohammad bin Salman. Still, the figure keeps the state-owned company in the running to set up one of the world's largest initial public offerings. Aramco said it aims to price the offering at somewhere between $8 and $8.52 per share with the goal of selling three billion shares. At the midpoint price range, Aramco could reportedly raise up to $25 billion from the offering, which is how much Alibaba raised with its IPO. The valuation likely fell short of Saudi Arabia's initial goal because of geopolitical, operational, and governance risks, per The Wall Street Journal.

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