Saudi Arabia's base oil producer Luberef to raise around $1.3bn via IPO – ICIS
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12-Dec-2022
SINGAPORE (ICIS)–Saudi Aramco Base Oil Co (Luberef) will raise around Saudi riyal (SR) 4.95bn ($1.3bn) via an initial public offering (IPO), with the final price set at SR99 per share.
The IPO on Saudi bourse Tadawul will be 50.045m shares, representing around 30% of Luberef’s capital currently owned by private equity firm Jadwa Investment.
The final offer price for the IPO implies a market capitalisation of SR16.7bn at listing, according to information available at Luberef’s website.
Saudi Arabia’s Capital Market Authority on 24 November this year approved the IPO of the base oil subsidiary of energy giant Saudi Aramco. The actual date of listing has yet to be confirmed.
Saudi Aramco will not sell any of its shares in the offering and will continue to own 70% of the company’s share capital following the IPO.
Luberef operates two production facilities on Saudi Arabia’s west coast at Jeddah and Yanbu, producing around 1.3m tonnes/year of Group I and Group II base oils, according to the ICIS Supply and Demand database.
($1 = SR3.75)
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