Bangalore: Petrobras, the Brazilian state oil company has raised $70 billion through an initial public offering, which is being claimed as the world's biggest share offering. The cash, raised through the issue, will be used to fund the world's largest oil exploration plan, which at $224 billion for the 2010-2014 period aims to turn Brazil into a major energy exporter. According to the company, it sold 1.87 billion new preferred shares at 26.30 reais each and 2.4 billion new common shares at 29.65 reais each. "The deal priced at a very tight discount, which is comforting to know because the market expected it to price lower," said Marcio Macedo, who manages about $40 million of stocks for Sao Paulo-based Humaita Investimentos. According to sources, the stock sale, which was larger than what the company originally planned, fell short of the maximum it had filed to sell, had total demand of $87 billion. From existing shareholders the bids included 98 billion reais ($57 billion) and from institutional investors it was $30 billion. It may sell another 188 million new shares to meet demand in the next 30 days, said Petrobras in the filing.