Saudi Aramco has set a price range for its listing that implies the oil giant is worth between $1.6 trillion to $1.7 trillion, below the $2 trillion that the Saudi crown prince had previously targeted, making it potentially the world's biggest IPO.

Aramco said on Sunday it plans to sell 1.5 percent of its shares or about 3 billion shares, at an indicative price range of 30 riyals ($8.00) to 32 riyals, valuing the initial public offering (IPO), as much as 96 billion riyals ($25.60 billion) at the top end of the range.

Aramco could just beat the record-breaking $25 billion raised by Chinese e-commerce giant Alibaba when it made its stock market debut in New York in 2014.