Saudi Aramco to Overtake Apple as World’s Most Valuable Company

Saudi Aramco is set to overtake Apple as the world’s most valuable company after raising $25.6 billion in the world’s biggest initial public offering ever, according to Reuters. The shares are expected to begin trading on the Saudi stock market on December 11, so Apple holds the crown for five more days.

Saudi Aramco only offered a 1.5 percent stake in the company to public shareholders, so the $25.6 billion raised gives the oil giant an overall valuation of around $1.7 trillion, topping Apple’s market cap of around $1.1 trillion.

Apple shares are currently hovering around a 52-week high of $268.60.