Saudi Aramco's Luberef expects to raise up to $1.32 billion from IPO

Saudi Aramco
# 05 December 2022 06:21 (UTC +04:00)

Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday, APA reports citing Reuters.

Luberef will sell nearly 30% of the company's issued share capital, or 50.045 million shares, at between 91 and 99 riyals each, the company said in a statement.

State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a dealmaking drought.

Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.

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