Saudi Aramco IPO proceeds rise to $29.4 billion after option exercised: TV

Saudi Aramco IPO proceeds rise to $29.4 billion after option exercised: TV

FILE PHOTO: A sign of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

RIYADH (Reuters) – 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.

Reporting by Marwa Rashad and Davide Barbuscia, Editing by Louise Heavens and Mark Potter

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