Saudi Aramco says IPO priced at top to make it world's biggest IPO

State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, the company said on Thursday, making it the world's biggest flotation, above Alibaba's $25 billion listings in 2014.

Aramco priced its IPO at 32 riyals, the top of its indicative range of 30-32 riyals per share, it said in a statement, which means a deal size of $25.6 billion.

The offering generated subscriptions of $106 billion by institutional investors and together with the total demand from individual Investors, order book hit $119 billion, it said.