Saudi Aramco's IPO will reportedly value the oil giant at $1.7 trillion, making it the biggest in history

• Saudi Aramco is expected to be valued at $1.7 trillion in its upcoming initial public offering, The Wall Street Journal reported Thursday.
• The company expects to raise $25.6 billion from the IPO, according to the report. That means it's the largest-ever IPO on record, beating out Alibaba's $25 billion IPO in 2014.
• Saudi Aramco is expected to sell 3 billion shares or a 1.5% stake in the company at $8.53 (32 Saudi riyals) each, The Journal reported.
• Read more on Business Insider.

Energy giant Saudi Aramco is expected to be valued at $1.7 trillion in its upcoming public offering, The Wall Street Journal reported Thursday, citing people familiar with the matter.

The state-owned oil company is expected to raise $25.6 billion from the IPO, The Journal reported. At that valuation, the initial public offering would be the world's largest ever, beating out Alibaba Group's current record IPO, which raised $25 billion in 2014.

The company is expected to sell 3 billion shares for a 1.5% stake at $8.53 each, or 32 Saudi riyals, the Journal reported.

That's the top of the company's range between 30 and 32 Saudi riyals, according to The Journal, which was set in mid-November. Still, it falls short of the $2 trillion valuation that Saudi Arabia's Crown Prince Mohammed bin Salman wanted for Aramco.

The IPO will be offered only on Saudi Arabia's stock exchange. In November, Saudi Aramco scrapped roadshows in London as well as ones in Asia and the Americas.