Saudi Aramco increases its IPO through greenshoe option
The company’s IPO raised a record $29.4 billion, more than previously announced
Stocks impacted: Saudi Aramco (2222)
The Saudi giant has increased its initial public offering to $29.4bn after the oil company issued 450million more shares through its “greenshoe option.” The sale of an additional 450 million shares took place during the initial public offering process, which means the company has publicly floated 1.7% of its shares. As a reminder, a so-called greenshoe option, allows companies to issue more shares in an IPO when there is higher demand from investors in the initial offer. Despite the news, Saudi Aramco shares declined on Sunday to $9.25, as the prices continue to digest the geopolitical tensions between the US and Iran.
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