The market focus on the valuation of Saudi Aramco’s initial public offering (IPO) is similar to Bugatti Chiron owners focusing on their vehicles’ top speeds — interesting, but of little relevance.

The $1.7-trillion (R25-trillion) upper value placed on the Saudi state oil company, the world’s largest crude exporter, will no doubt generate speculation about whether it’s too high, and whether it will be viewed as reasonable enough to attract interest beyond the kingdom’s small domestic equity market...

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