(Bloomberg) -- Saudi government institutions invested almost $2.3 billion into the initial public offering of Saudi Aramco, a transaction that was intended to find new sources of funding for the kingdom’s economic diversification plan.

The government sold two thirds of the shares offered in the company to institutional investors, of which 13.2% came from Saudi government institutions, according to a statement from Samba Capital, one of the lead managers on the deal. Non-Saudi investors were allocated 23.1% of the institutional offering, or about $3.9 billion.

Aramco’s offering, the world’s biggest share sale, is a key part of Crown Prince Mohammed bin Salman’s plan to wean the Saudi economy off a reliance on oil. It was originally envisaged as a way to tap global equity investors and use the proceeds to fuel the sovereign wealth fund’s investment program. After international investors balked at Aramco’s valuation expectations, the kingdom instead focused on raising money domestically.

The PIF, as the sovereign wealth fund is known, expects to spend “a lot” of the proceeds from the Aramco offering in the domestic economy as it shifts focus toward high-impact local investments, Finance Minister Mohammed Al Jadaan said in a Bloomberg TV interview on Tuesday.

Saudi companies were the biggest investors in the offering, buying 37.5% of the shares offered to institutions. Public and private funds bought 26.3% of the institutional tranche.

To contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Will Kennedy, Helen Robertson

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