Saudi Arabian Petroleum Company Saudi Aramco’s initial public offering (IPO) has reached a record $ 29.4 billion. This is higher than previously announced figures. The company has sold millions more shares to meet the demand of investors by using the ‘Green Shoe Option’, which has increased the IPO amount.
The company said that 45 crore additional shares were sold under the IPO process. The government has majority stake in this company. The company started trading on 11 December at the local Saudi Tadawul Exchange.
Largest IPO was already formed
On the second day of trading, the company’s stock reached $ 10 per share. With this, Aramco’s market capitalization reached $ 2,000 billion. This easily made him the most valuable company in the world. The sale of additional shares means that Aramco has publicly sold 1.7 percent of its shares. Even before the sale of additional shares, Aramco’s IPO had become the world’s largest share sale.