Saudi Aramco is worth up to $1.7 trillion at the IPO price range set by the oil giant on Sunday, below the $2 trillion targeted by Saudi’s crown prince but still vying for the title of the world’s biggest IPO.

However, Aramco cannot sell the shares directly to investors in the US and other markets, as the deal will now be restricted to Saudis and foreign institutions, who can invest in the shares in the kingdom’s stock market.

Aramco said on Sunday it plans to sell 1.5 per cent of the company, or about 3 billion shares, at an indicative price range of 30-32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.

The IPO size could be bigger if they use a 15 per cent over-allotment option, known as a “greenshoe” option.

This could just beat Chinese e-commerce giant Alibaba’s record $25-billion New York stock market debut in 2014.

“We plan to subscribe to the IPO in the two funds that we manage,” said Zachary Cefaratti, CEO of Dubai-based Dalma Capital Management Ltd, adding that the preliminary valuation was “in line with our expectations”.

Aramco kicked off its IPO on November 3 after a series of false starts. Crown Prince Mohammed bin Salman, who floated the idea four years ago, is seeking to raise billions of dollars to invest in non-oil industries, create employment and diversify the world’s top crude exporter away from oil.

In its original prospectus, published on November 9, Aramco said the domestic IPO would be for institutional investors outside the US, according to Regulation S of the United States Securities Act of 1933, and inside the United States under the Rule 144A of the US Securities Act.

But, on Sunday, in an addendum to the IPO prospectus Aramco said it had removed any reference to such regulations, which three people familiar with the matter said suggested there would not be any international roadshows to market the shares.

“It was not worth it from their view. If there’s no substantial value or demand, why do it and take additional legal risk?” a banker said.

Aramco is yet to name any cornerstone investor or disclose the listing date.