Dubai, UAE—Luberef, a subsidiary of Saudi oil giant Aramco, expects to raise up to SAR 4.95 billion ($1.32 billion) from its Initial Public Offering (IPO), the company said.
The company will sell nearly 30 percent of its share capital to individual and institutional investors, which translates into 50.045 million shares, and list on the Saudi Exchange.
In a Tadawul filing, Luberef said the price range for the offering has been set between SAR 91 and SAR 99 per share.
Institutional investors will be offered a minimum of 75 percent of shares being sold. Luberef said bookbuilding, which began Sunday, will run until Friday. The final pricing of the offering will be announced on 11 December.
In the first five months of 2022 alone, and for the first time since the global financial crisis of 2009, various IPOs in the GCC have raised $4.8 billion, a figure much higher than what IPOs in Europe could manage to mobilize.
IPO listings in 2021 included 20 public listings of Saudi companies (nine on Tadawul and 11 on Nomu), like ACWA Power International and Saudi Telecom. While in UAE, Abu Dhabi Ports and ADNOC Drilling Company were the prominent companies to list.