Saudi Aramco will start taking bids from local and foreign investors Sunday, November 17, with a preliminary valuation between $1.6 trillion and $1.71 trillion, Bloomberg reported.

Currently the world’s largest IPO, the valuation is still below the $2 trillion targeted earlier in 2016 by Crown Prince Mohammed bin Salman.

The highly anticipated stock offering may raise between $20 billion and $40 billion, following the release of its prospectus on November 10.

“The bulk of the funds raised will go to the government or the Public Investment Fund (PIF), potentially adding to the sovereign’s already strong fiscal net asset position of 72.7 percent of GDP,” S&P said in a note published by Reuters.

According to Zawya, Aramco does not plan to market its IPO in the United States.

“We expect a decent cover in the range of 2x-3x over-subscription for this size,” said Aarthi Chandrasekaran, a portfolio manager in Abu Dhabi at Shuaa Capital. “From a retail perspective, assured bonus shares and fixed dividend will support the stock price in the secondary market, not to forget the passive funds flow that follows in few weeks after the listing.”