Saudi Aramco said it is aiming for a valuation of $1.6tn to $1.7tn from the planned initial public offering of the state-owned energy giant, falling well short of the initial $2tn targeted by Saudi Crown Prince Mohammed bin Salman in what could still be the world’s biggest ever IPO.

In a statement Sunday, Aramco said that it aims to price the offering at between 30 and 32 Saudi Arabian riyal (between $8 and $8.52) a share and sell a stake of 1.5%, or three billion shares, in the IPO. At the midpoint of the price range, Aramco would raise almost $25bn from the issue. In 2014, Alibaba Group raised $25bn with its IPO.