Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) intends to proceed with the initial public offering (IPO) to trade 29.65% of its share capital on the Main Market of the Saudi Exchange (Tadawul).

The firm plans to offer 50.04 million shares, of which a maximum of 12.51 million shares, accounting for 25% of the total offering shares, will be allocated to individual investors, according to a bourse disclosure.

In order to carry out the transaction, Jadwa Industrial Investment Company will sell its existing shares in Luberef’s issued share capital, which totals 168.75 million shares.

Saudi Arabian Oil Company (Saudi Aramco), which holds 70% of Luberef’s share capital, will not sell any of its shares in the offering.

Meanwhile, the final IPO price will be determined after the book-building period.

SNB Capital, Citigroup Saudi Arabia, HSBC Saudi Arabia, and Morgan Stanley Saudi Arabia act as the joint financial advisors, book-runners, global coordinators, and underwriters for the potential offering.

Both Tadawul and the Capital Market Authority (CMA) passed Luberef’s IPO on 24 November 2022.