By Rory Jones
DUBAI — Saudi Aramco said it netted an additional $3.8 billion from its record initial public offering as it sold more shares to meet investor demand, boosting Crown Prince Mohmmed bin Salman’s war chest to reshape the country’s oil-dependent economy.
The state oil giant, officially called Saudi Arabian Oil Co. SA:2222 +0.42% , listed on a local exchange last month after selling 3 billion shares at 32 Saudi riyals ($8.53) each to raise $25.6 billion. It allocated 450 million more shares to investors during the book-building process as part of efforts to support the price for a month in the market.
Since the stock never fell below the issue price, Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -0.10% , the bank that managed the overallotment, handed over the proceeds to the company’s shareholder, the Saudi government, according to an Aramco statement Sunday.
Aramco’s IPO is now worth $29.4 billion. The previous record holder, Chinese online commerce company Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -2.16% , had raised $25 billion in 2014.
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