Saudi Aramco’s shares were snapped up within a few hours after the deal opened on Sunday, greatly benefiting the government that is seeking funds to finance a comprehensive economic transformation plan. According to the deal terms reviewed by Bloomberg News, demand for all the shares on offer arose within a few hours after the books opened, which were covered within a price range of 26.70 to 29 riyals.

Although it was not immediately clear what portion of the demand was from foreign investors, the order book reflected a mix of local and foreign investors, according to three people familiar with the matter who wished to remain anonymous as the information is confidential.

Aramco’s shares fell 1.9% on Sunday, valuing the company at approximately $1.8 trillion. The stock has dropped about 14% since the start of the year when Bloomberg News first reported the government’s intent to sell a stake, and is now trading at its lowest level in over a year.