Luberef IPO: Saudi Aramco’s refining unit set to raise $1.32bn from offering – The National

Luberef IPO: Saudi Aramco’s refining unit set to raise $1.32bn from offering – The National

Saudi Aramco Base Oil Company, better known Luberef, is set to raise more than 4.95 billion riyals ($1.32 billion) from its initial public offering after choosing the higher range of its offer share price.

The refining unit of oil company Saudi Aramco sold more than 50 million shares, or about 29.7 per cent of the company's issued share capital, with the IPO drawing strong demand from investors in the kingdom and internationally.

The institutional portion of the offering was 29.5 times oversubscribed, generating institutional order book of around 146.4 riyals, the company said in a statement on Sunday.