The proceeds from Saudi Aramco's record IPO 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 Dec. 9.
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 $25.6 billion on Nov. 5.
RELATED:
Saudi Aramco Prices Shares At Top Of Range In World’s Biggest IPO
"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 Dec. 11 on the Saudi exchange after completing the largest IPO on record.
Recommended Reading
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
TotalEnergies to Acquire Remaining 50% of SapuraOMV
2024-04-22 - TotalEnergies is acquiring the remaining 50% interest of upstream gas operator SapuraOMV, bringing the French company's tab to more than $1.4 billion.
TotalEnergies Cements Oman Partnership with Marsa LNG Project
2024-04-22 - Marsa LNG is expected to start production by first quarter 2028 with TotalEnergies holding 80% interest in the project and Oman National Oil Co. holding 20%.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?
Brett: Oil M&A Outlook is Strong, Even With Bifurcation in Valuations
2024-04-18 - Valuations across major basins are experiencing a very divergent bifurcation as value rushes back toward high-quality undeveloped properties.