Aramco is the world's largest oil company. It's also the most profitable company, at almost double the profitability of runner-up Apple Incorporated. Last year, Aramco announced profits of around 111 million U.S. dollars. The IPO is seen as a cornerstone in Saudi Arabia's strategic plan to transform its national economy. It's the first time ever that Riyadh has announced plans to open up ownership of the state-owned company. Aramco had set an indicative price range of 30 to 32 riyals per share. It previously said 0.5 percent of the offering would be allocated to retail investors and 1 percent to institutional buyers.