Riyadh – Mubasher: Saudi Aramco revealed that the value of its initial public offering (IPO), which was already the largest in the world, has reached SAR 100.4 billion ($29.4 billion).

This came following the exercise of the greenshoe option or overallotment that brought the total number of offered shares to 3.45 billion shares.

Goldman Sachs Saudi Arabia, the IPO’s stabilising manager, did not carry out stabilisation transactions during the stabilisation period between 11 December 2019 and 9 January 2020, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Aramco 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.

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