Saudi Arabia has secured $12.35 billion from the expanded sale of shares in Aramco, the world’s most valuable oil firm, as per a Reuters report.
This influx of funds bolsters Saudi Arabia’s Vision 2030 initiative, which aims to diversify its economy and reduce its dependence on oil.
The kingdom garnered an extra $1 billion by activating the greenshoe option, enabling banks to sell additional shares in response to investor demand.
Last month, the government offloaded a 0.64% stake in Aramco, equivalent to approximately 1.545 billion shares, at a price of 27.25 riyals ($7.27) per share.
Merrill Lynch, serving as the stabilization manager, also distributed another 154.5 million shares.
Since the offering, Aramco’s stock has appreciated by 3.3%, currently valued at 28.15 riyals.
Merrill Lynch disclosed that it had utilized the over-allotment option and concluded the month-long stabilization period without engaging in related transactions, as stated in a document released late Tuesday.