Aramco, Saudi Arabia's giant state-owned oil monopoly, said late last week it had issued an additional 450 million shares, raising the size of its IPO $3.8 billion to a total of $29.4 billion
New York Saudi Aramco has exercised its"over-allotment option" to raise the size of its already record breaking initial public offering.
Aramco, Saudi Arabia's giant state-owned oil monopoly, said late last week it had issued an additional 450 million shares, raising the size of its IPO $3.8 billion to a total of $29.4 billion. An over-allotment — also called a"greenshoe option" — allows a company to issue a certain percentage of additional shares above what it had initially planned for an IPO. The option can act as a stabilizing mechanism to keep shares from falling below their offering price.
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