Luberef closes 4% lower at SAR 95 on debut, traded value hits SAR 1.1 bln

Logo of Saudi Aramco Base Oil Co.

Saudi Aramco Base Oil Co. (Luberef) dropped 4% to close at SAR 95 on debut today, Dec. 28, down SAR 4 from the listing price of SAR 99.

A total of 11.2 million shares were traded at SAR 1.1 billion (24% of the market’s traded value of SAR 4.5 billion) in 60,600 transactions.

Luberef began trading on Tadawul today under the materials sector, with the symbol 2223 and ISIN Code SA15M1HH2NH5, at SAR 99 per share.

The daily and static price fluctuation limits of +/-30% and +/-10%, respectively, will be applied during the first three days of the listing.

From the fourth trading day onwards, the daily price fluctuation limits will revert to +/-10% and the static price fluctuation limits will no longer apply.

The company offered 50.045 million shares, or 29.66% of its capital, on the main market, at SAR 99 per share, of which 75% was allocated to the participating parties and 25% to individual investors, according to data available with Argaam.

 Retail investors fully subscribed to 12.511 million shares at SAR 99 each. Luberef’s institutional offering, which was completed last week, was 29.5x covered.

Retail offering was 230.1% covered. The number of retail subscribers reached 524,800, while total orders were valued at about SAR 2.85 billion.

A minimum of 10 shares were allocated per retail subscriber. The remaining shares were allocated on a pro-rata basis, based on the demand size of every subscriber to total shares.