Saudi Aramco’s IPO proceeds soar to nearly US$30 bil

RIYADH: The proceeds from Saudi Aramco’s record initial public offering have risen to US$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, said the state-controlled oil giant had exercised the so-called over-allotment option.

Aramco’s main IPO raised US$25.6 billion on Thursday.

“The final number of shares sold is 3.450 billion, and the final value of the deal is US$29.4 billion,” Khatib said.

Aramco is listing its shares on Wednesday on the Saudi exchange after completing the largest IPO on record.