Saudi Aramco upsizes its record-shattering IPO by $3.8 billion

Saudi Aramco upsizes its record-shattering IPO by $3.8 billion

Saudi Aramco took in an additional $3.8 billion through its record-breaking IPO by selling more shares to investors, according to a Sunday statement.

The oil firm set aside 450 million shares for investors as it gauged pre-IPO demand, and advising firm Goldman Sachs managed the shares for Aramco's first month of public trading. 

Goldman released proceeds for the over-allotment, also known as a greenshoe, over the weekend, bringing the total funds raised by Aramco's IPO to $29.4 billion from $25.6 billion.

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Saudi Aramco took in an additional $3.8 billion through its record-breaking initial public offering by selling more shares to eager investors, according to a company statement.

The Saudi Arabian oil firm raised $25.6 billion through the world's biggest IPO in early December, selling 3 billion shares at 32 riyals ($8.53) each. Aramco set aside another 450 million shares for investors as it gauged pre-IPO demand, and advising bank Goldman Sachs held the shares during Aramco's first month of public trading. 

Goldman released proceeds from the over-allotment to the Saudi Arabian government over the weekend, the statement said. The transfer brought the total funds raised through Aramco's IPO to $29.4 billion.

The over-allotment's proceeds were contingent on Aramco's stock staying above