Saudi Aramco's Luberef Expects To Raise Up To $1.32 Billion From IPO
Date
12/4/2022 3:07:44 PM
(MENAFN- Trend News Agency) 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, trend 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.
A minimum of 75% of the Luberef shares being sold will be
offered to institutional investors, with bookbuilding getting
underway on Sunday and running until Friday.
The final share price will be announced next Sunday, with
subscriptions for individual investors running from Dec. 14 to Dec.
18. A date has not yet been set for shares to begin trading on
Riyadh's Tadawul exchange.
MENAFN04122022000187011040ID1105265586
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.