The proceeds from Saudi Aramco’s record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more stock, an executive at one of the banks leading the deal told Al Arabiya news channel on Monday.
Wassim Al-Khatib, head of investment banking at the investment arm of Saudi Arabia’s biggest bank, National Commercial Bank (1180.SE), said the state-controlled oil giant had exercised the so-called over-allotment option.
Aramco’s main IPO raised $25.6 billion on Thursday.
“The final number of shares sold is 3.450 billion shares, and the final value of the deal is $29.4 billion,” Khatib said.
Aramco is listing its shares on Wednesday on the Saudi exchange after completing the largest IPO on record.
Source: Reuters
