Saudi oil company Aramco announced on Sunday an indicative price range of 30-32 riyals per share (8-8.5 U.S. dollars) for its planned public offering (IPO) which would value the company at 1.6 to 1.7 trillion dollars.

An updated version of the IPO prospectus states that the offering will be open to qualified foreign investors (QFIs) and investors within Saudi Arabia, according to Al Arabiya TV.

Aramco is expected to offer 1.5 percent of its shares in the upcoming IPO on the Saudi Stock Exchange (Tadawul). At this valuation, the company would raise 24-25.5 billion dollars from the IPO.

The deadline to submit bid forms for institutional investors, such as banks or hedge funds, is set for December 4, while the deadline for retail investors, otherwise known as individual investors, is set for November 28.