United States

Saudi Aramco’s IPO balloons to record $29.4B

Saudi Aramco has boosted the size of its initial public offering by nearly $4 billion after selling millions of additional shares. Saudi Arabia’s state-run oil giant said Sunday that it’s raised a record $29.4 billion after exercising a “greenshoe option” to sell 450 million more shares than originally planned. The option allowed the company to issue more shares to meet demand from investors. The extra shares “had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today,” Aramco said. Aramco initially raised $25.6 billion last month when it offered 3 billion shares worth 1.5 percent of the company. That number itself eclipsed the $25 billion r ...