There is now more clarity with regard to Saudi Aramco’s initial public offering (IPO), with the number of shares put up coming in at 3 billion, or 1.5 percent of total stock, putting the company’s indicative valuation between $1.6 trillion and $1.7 trillion.

Eager investors waited for three years for this moment: The prospectus for the Saudi Aramco initial public offering (IPO) came out on Nov. 10. The transaction is billed to become the largest IPO in history.

It has been three years in the making and it became official on Sunday, when Saudi Aramco Chairman Yasir Al-Rumayyan announced that the company’s initial public offering (IPO) would go ahead. The regulator has given approval. We expect the event to take place around mid-December.

The third annual Future Investment Initiative (FII) forum in Riyadh last week came at an important time for Saudi Arabia.

Last week saw a surprise increase in the oil price of 5.2 percent, from its low point on Tuesday to its high of $61.9 per barrel on Thursday. The price opened slightly lower at $61.1 in Monday’s early European trading.

The mood was rather somber when finance ministers, central bank governors and bankers met for the Annual Meetings of the IMF and the World Bank Group.