Saudi Aramco priced its initial public offering Thursday at the high end of the targeted range to give the oil giant a total value of $1.7tn in the world’s biggest-ever IPO.

The state-controlled Saudi Arabian Oil Co., commonly known as Aramco, said it would sell three billion shares or 1.5% stake of the company at 32 Saudi riyals ($8.53), or at the top of the targeted range of 30 to 32 riyals for a total of $25.6bn. That exceeds the $25bn IPO in 2014 of Chinese online commerce company Alibaba Group, the current record holder.