Saudi Aramco IPO proceeds rise to $29.4b after option exercised

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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter