The proceeds from Saudi Aramco's record initial public offering have risen to $29.4 billion after the oil company exercised an option to sell 15% more stock, an executive at one of the banks leading the deal told Al Arabiya news channel on Monday.

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 $25.6 billion on Thursday.

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

Aramco is listing its shares on Wednesday on the Saudi exchange after completing the largest IPO on record.

Meanwhile, Saudi Arabia’s finance minister on Monday said that reinvesting money from the initial public offering (IPO) of oil group Saudi Aramco would help to create more revenue channels for the government.

Speaking after the release of the 1.02 trillion riyals ($272.00 billion) 2020 budget, Mohammed al-Jadaan said the budget’s revenue expectations were conservative in light of the gloomy global economic outlook.