Oil company exercises greenshoe option, which will lift size of its initial public offering to $29.4bn
Employees of Saudi Aramco oil company at its Abqaiq oil processing plant. Picture: FAYEZ NURELDINE/AFP
Aramco initially raised $25.6bn, which was itself a record level, in its December IPO by selling 3-billion shares at 32 riyals a share. But it had indicated it could sell additional shares through the over-allotment of shares.A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants in the initial offer. Investors were allocated the additional shares during book-building, Aramco said.
Aramco shares have been volatile amid heightened tensions between the US and Iran, which lies across the Gulf from Saudi Arabia.
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