Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) announced today that the Stabilising Manager of its recent initial public offering (IPO), Goldman Sachs, has carried out no stabilisation transactions during the stabilisation period.

Following the exercise of the Overallotment Option, the total offering size will be 3.45 billion ordinary shares, representing a total amount of SAR 110.4 billion ($29.4 billion), the company disclosed in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Aramco further clarified that the 450 million shares subject to the overallotment option had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today and that the stabilising manager will not hold any shares in the company as a result of the exercise of the overallotment option.

It is worth noting that the stabilisation period was between 11 December 2019 and 9 January 2020.

Aramco began trading on Tadawul on 11 December, following the largest IPO in the world.