RIYADH, NOVEMBER 17 (XINHUA) -- SAUDI ARAMCO ANNOUNCED ITS INITIAL PUBLIC OFFERING (IPO) GUIDANCE PRICE ON NOVEMBER 17, WITH AN EXPECTED FUNDRAISING SCALE OF OVER $24 BILLION AND A COMPANY VALUATION EXPECTED TO RANGE FROM $1.6 TRILLION TO $170 TRILLION.SAUDI ARAMCO ISSUED A STATEMENT ON THE SAME DAY STATING THAT THE GUIDANCE PRICE RANGE FOR THE IPO IS BETWEEN 30 SAUDI RIYALS AND 32 SAUDI RIYALS PER SHARE (APPROXIMATELY $8 TO $8.53), AND IT IS EXPECTED TO ISSUE 1.5% OF THE COMPANY'S TOTAL SHARES ON THE SAUDI STOCK EXCHANGE, OR APPROXIMATELY 3 BILLION OF ITS 20 BILLION COMMON SHARES. BASED ON THIS CALCULATION, THE COMPANY WILL RAISE $24 BILLION TO $25.6 BILLION FROM THE IPO.ACCORDING TO THE LATEST PROSPECTUS, THE SUBSCRIPTION PERIOD FOR INSTITUTIONAL INVESTORS IS FROM NOVEMBER 17TH TO DECEMBER 4TH, AND FOR INDIVIDUAL INVESTORS IS FROM NOVEMBER 17TH TO NOVEMBER 28TH. SAUDI ARAMCO WILL RELEASE ITS FINAL STOCK PRICE ON DECEMBER 5TH.IN ORDER TO REDUCE DEPENDENCE ON THE OIL ECONOMY, SAUDI ARABIA FORMULATED THE "2030 VISION" ECONOMIC REFORM PLAN IN 2016, AND THE IPO OF ITS NATIONAL OIL COMPANY SAUDI ARAMCO WAS AN IMPORTANT STEP.