Luberef institutional offering 29.5x covered, IPO priced at SAR 99/share

11/12/2022 ِArgaam

Luberef institutional offering 29.5x covered, IPO priced at SAR 99/share

Logo of Saudi Aramco Base Oil Co. (Luberef)

Saudi Aramco Base Oil Co. (Luberef) successfully completed the book-building process for institutional investors, SNB Capital, the lead manager, financial advisor, book-runner, global coordinator and underwriter, as well as Citigroup Saudi Arabia, HSBC Saudi Arabia, and Morgan Stanley Saudi Arabia in their capacity as financial advisors, book-runners, global coordinators and underwriters on the initial public offering (IPO), said.

 

The final offer price was set at SAR 99 per share. The institutional offering was 29.5x covered, SNB Capital said in a statement to Tadawul.

 

Luberef will therefore be valued at SAR 16. 71 billion. The company received SAR 146.4 billion in orders.

 

Retail investors will start on Dec. 14 subscribing to 25% of the offer size, or 12.51 million shares, according to Argaam data.

 

The retail offering is slated to run through 5:00 pm on Sunday, Dec. 18.

 

 

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