Saudi Arabia-owned Saudi Aramco said Sunday it had exercised its over-allotment to sell an additional 450 million shares in the oil giant, raising the size of its initial public offering to a record $29.4 billion, Kallanish Energy learns.

Aramco initially raised a record $25.6 billion in its December IPO by selling 3 billion shares at 32 riyals ($8.53) a share.

But it had indicated it could sell additional shares through the over-allotment of shares.

Aramco shares were flat at 35 riyals ($9.33) per share shortly after the market opened, according to Refinitiv data, Reuters reported.

“No additional shares are being offered into the market today and the stabilizing manager will not hold any shares in the company as a result of exercise of the over-allotment option,” Aramco said.

Aramco shares have been volatile amid increased tensions between the U.S. and Iran.

Last Thursday’s closing price valued Aramco at $1.87 trillion, above the IPO price but below Crown Prince Mohammed bin Salman’s $2 trillion target for the IPO.

This post appeared first on Kallanish Energy News.