Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in oil giant Aramco.

Saudi Arabia is poised to raise more than $11.2 billion selling shares in oil giant Aramco to help fund its spending plans, after pricing the stock at the lower end of its expectations, the company said on Friday.

The kingdom is expected to price shares at $7.27 each, toward the lower end of the targeted range.