Saudi private equity firm Jadwa plans $532m deals, more listings

Saudi private equity firm Jadwa plans $532m deals, more listings

In a separate press release on Tuesday, Jadwa said it has fully divested its 30 per cent stake from Saudi Aramco Base Oil Co., the refining unit of the state oil producer, which is holding onto its 70 per cent stake.

The IPO of 50 million shares in the refiner, known as Luberef, priced at the top end of the range, raising 4.95 billion riyals. It will start trading on Wednesday on the Saudi exchange.

Luberef is the latest billion-dollar plus IPO in the Gulf region, bucking a global slowdown in share sales. The deal comes late in the year, when many investors typically shy away from taking on risk. High oil prices have benefited Gulf economies, markets and companies’ balance sheets, helping drive a flurry of listings.