Luberef IPO: Saudi Aramco’s refining unit may raise as much as $1.32bn – The National
- Date: 04-Dec-2022
- Source: The National
- Sector:Financial Markets
- Country:Saudi Arabia
Luberef IPO: Saudi Aramco’s refining unit may raise as much as $1.32bn – The National
Saudi Aramco Base Oil Company (Luberef), the refining unit of oil major Saudi Aramco, may raise as much as 4.95 billion riyals ($1.32 billion) from its initial public offering, as the world’s biggest crude producer seeks to list some of its subsidiaries.
Luberef will sell more than 50 million shares, or about 29.7 per cent of the company's issued share capital, and set the offering share price between 91 and 99 riyals per share, it said in a statement on Sunday.
The final offer price will be determined through a book-building process and is expected to be announced on December 11, it said.
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