Saudi Aramco Base Oil Company – Luberef announces the results of the subscription period for individual investors

Saudi Aramco Base Oil Company – Luberef announces the results of the subscription period for individual investors

RIYADH – Saudi Aramco Base Oil Company - Luberef (“Luberef” or the “Company”), one of the largest base oils producers in the world and the leading base oils producer in the Kingdom of Saudi Arabia (the “Kingdom”) and SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia, as joint financial advisors, announce the successful completion of the offering period for retail investors (“Retail Subscription Period”) for the Company’s initial public offering (“IPO” or the “Offering”).

The retail subscription process, comprising of a maximum of 12,511,250 representing 25% of the total Offering shares, commenced on Wednesday, 14 December 2022G and ended at 5 pm on Sunday, 18 December 2022G. It witnessed participation by 524,848 investors, indicating a coverage of 2.3 times, with a total demand of SAR 2.850 billion (USD 0.76 billion)[1]. Individual investors will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 30.8537%.

The final offer price for the Offering has been set at SAR 99 per share (“Final Offer Price”), implying a market capitalization of SAR 16.706 billion (USD 4.455 billion) at listing. This was after