Saudi Arabian Oil Co. on Jan. 12. announced the exercise of its overallotment option of 450,000,000 additional shares, resulting in aggregate initial public offering proceeds of $29.4 billion.

The company raised a record $25.6 billion during its share sale of 3 billion shares in December 2019. After the exercise of the overallotment option, total shares issued as part of the IPO reached 3,450,000,000.

Aramco clarified that no additional shares were sold as the shares subject to the overallotment option were allocated to investors during the book-building process.

Shares of the company fluctuated between gains and losses, and were trading 0.14% down at 34.75 riyals as of 12:20 p.m. local time.

As of Jan. 10, US$1 was equivalent to 3.75 Saudi riyals.