Markets Luberef’s market cap at $4.4bn after final offer price By Reuters December 13, 2022 Luberef/Twitter Luberef reported a first half net profit of SAR900 million from SAR740.1 million a year earlier Oil giant Saudi Aramco’s base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at SAR 99 ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion ($4.44 billion), the company said in a statement. Saudi investment bank Jadwa, is the selling shareholder, offering its 30 percent share in the company to investors. Aramco owns the majority 70 percent stake in the company. Luberef received $30 billion in orders from institutional investors during the book building process, the company statement said, signalling continued strong demand for Gulf IPOs this year. A date has not yet been set for shares to begin trading on Riyadh’s Tadawul exchange. The retail subscription period is scheduled to run from December 14-18. SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia are joint financial advisers on the IPO, with SNB Capital also acting as lead manager.
