Saudi Aramco becomes the world’s most valuable company.

Saudi Arabia’s state-owned oil company Saudi Aramco has just pulled off the biggest initial public offering (IPO) in history, raising $25.6 billion. The IPO, however, fell short of the Saudi Crown Prince’s $2 trillion valuations.

The company sold 3 billion shares priced at 32 riyals ($8.53) each.

The mega-float exceeds the record $25 billion listings in 2014 of China’s Alibaba. Aramco has also toppled Apple as the world’s most valuable listed company with a total market value of $1.7 trillion against Apple’s $1.17 trillion.

Demand from institutional investors, including Saudi funds and companies, reached $106 billion, while retail investment’s demand stood at $12.6 billion. According to the company, around 4.9 million Saudi retail investors have bought shares in the oil giant, including 2.3 million aged 31-45.

The record-breaking market listing is part of Crown Prince Mohammed bin Salman’s plan to modernize the Saudi economy.

“The amount raised by the IPO itself is relatively contained given the size of the economy and medium-term funding requirement of the transformation plan,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, told Reuters.

“Nevertheless, combined with other areas of funding, we believe that there is meaningful capital in place to progress with the investment plans aimed at diversifying the economy,” she added.