Saudi Aramco raises IPO to record $29.4B by over-allotment of shares

Saudi Aramco sells 450 million more shares, raising size of its IPO to a record $29.4B

This file photo taken on September 20, 2019 shows employees of Aramco oil company working in Saudi Arabia's Abqaiq oil processing plant.

A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants in the initial offer. Investors were allocated the additional shares during book-building, Aramco said. Aramco shares have been volatile amid heightened tensions between the United States and Iran, which lies across the Gulf from Saudi Arabia.

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