Aramco's 'greenshoe option' pushes IPO to record US$29.4bil

Saudi stock market officials watching the stock market screen displaying Saudi Arabia's state-owned oil company Aramco on the Riyadh's stock market in Riyadh. Saudi Arabian oil giant Aramco announced on Sunday (Jan 12) that its initial public offering raised a record US$29.4bil. - AP

DUBAI: Saudi Arabian oil giant Aramco announced on Sunday (Jan 12) that its initial public offering raised a record US$29.4bil, a figure higher than previously announced, after the company used a so-called "greenshoe option” to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.