Aramco has faced a delicate balance by pushing the valuation as close as possible to US$2 trillion - a figure that has been met with skepticism from many investors - while making sure it is attractive to potential Saudi buyers.
The company has launched an advertising blitz, with billboards and promotional messages at shopping malls and ATMs across the kingdom.
"The upgrade of Saudi Arabia to the MSCI Emerging Market index previous year coupled with the upcoming IPO listing of Saudi Arabia's ARAMCO is met by much excitement from the global investment community", Zainab Kufaishi, Invesco's head of institutional business for the Middle East and Africa said.
Among the top two USA oil companies, Exxon Mobil has a market cap of almost $300 billion and Chevron is at about $229 billion.
Many nationalists have labelled buying Aramco shares a patriotic duty, and some clerics have given it religious sanction, saying it was permissible in Islam.
Amid an economic slowdown, the Saudi government is eager to curb the country's dependence on oil.
Saudi Arabia says the energy colossus is valued at up to $1.71 trillion.
Foreign investors had always been skeptical of the US$2 trillion target and recently suggested they would be interested at a valuation below $1.5 trillion.
"The base offer size will be 1.5 percent of the company's outstanding shares", the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).
The company would raise US$24 billion if the deal prices at the lower end - just shy of the US$25 billion raised by Alibaba Group Holding Ltd (now里巴巴), now the world's largest initial public offering (IPO). But many market watchers question the company's value, pointing to sluggish crude oil prices and geopolitical tensions in the Middle East.
It has taken radical steps to boost its treasure chest to finance a host of big-ticket non-oil investments - from risky high-tech startups such as Uber to the $500 billion NEOM mega city to be built in the kingdom's northwest.
Earlier this year, Aramco raised $12 billion in its first global bond, gaining more than $100 billion in demand, in a deal that many saw as a pre-IPO relationship-building exercise with worldwide investors.
According to the material, Saudi Arabia lowered the assessment of the total cost of Aramco.
But Aramco, a cash cow that catapulted the kingdom to become the Arab world's biggest economy, does appear to hold enormous appeal for local retail investors.
Aramco a year ago posted $111bn in net profit.
The Aramco IPO is expected to see overwhelming investor appetite from retail investors.
One striking element was a warning that global oil demand may peak within the next 20 years, citing a forecast from industry consultant IHS Markit.