RIYADH, Dec 10 ― The proceeds from Saudi Aramco's record initial public offering have risen to US$29.4 billion (RM122.3 billion) after the oil company exercised an option to sell 15 per cent more stock, an executive at one of the banks leading the deal told Al Arabiya news channel yesterday.

Wassim Al Khatib, head of investment banking at the investment arm of Saudi Arabia's biggest bank, National Commercial Bank, said the state-controlled oil giant had exercised the so-called over-allotment option.

Aramco's main IPO raised US$25.6 billion on Thursday.

"The final number of shares sold is 3.450 billion shares, and the final value of the deal is US$29.4 billion,” Khatib said.

Aramco is listing its shares tomorrow on the Saudi exchange after completing the largest IPO on record. ― Reuters