Saudi Aramco raises IPO to US$29.4bil by over-allotment of shares

Record number: 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. — AP

DUBAI: State-owned oil company Saudi Aramco said it had exercised its “greenshoe option” to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record US$29.4bil.

Aramco initially raised US$25.6bil, which was itself a record level, in its December IPO by selling three billion shares at 32 riyals (US$8.53) a share.