DUBAI (Reuters) – 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% 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 (BABA.N) when it made its stock market debut in New York in 2014.

($1 = 3.7501 riyals)