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The world’s biggest IPO gets much bigger

Aramco Announced Sunday that its initial public offering raised an additional 450 million shares, raising the size of its IPO $3.8 billion to a total of $29.4 billion. The oil giant initially raised a then-record $25.6B in its IPO in December by selling 3B shares at 32 riyals ($8.53). The company officials said it had used

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Aramco Announced Sunday that its initial public offering raised an additional 450 million shares, raising the size of its IPO $3.8 billion to a total of $29.4 billion. The oil giant initially raised a then-record $25.6B in its IPO in December by selling 3B shares at 32 riyals ($8.53).

The company officials said it had used the “greenshoe option” or over-allotment, an option which allows companies to issue more shares in an IPO when there is greater demand from participants during the initial offering.

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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