Saudi Arabian oil giant Aramco on Sunday began a long-awaited initial public offering (IPO) for institutional and individual investors, setting a preliminary valuation between $1.6 trillion and $1.71 trillion.

In a statement, Aramco set an indicative share price between 30 riyals to 32 riyals for 1.5 percent of its shares, which it would offer for the domestic part of its public offering.EFE-EPA