Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 91-99 per share.

Luberef plans to list 50.04 million shares, representing 29.65% of its issued share capital, according to a bourse filing.

Participating entities can apply for a minimum number of 50,000 shares, whereas the maximum number will be 8.43 million shares.

The final IPO price will be unveiled on 11 December 2022 after the book-building period for the participating investors, which will take place during 4-9 December.

Meanwhile, the book-building period for the individual tranche will be for five days starting from 14 December this year.

Last November, the Capital Market Authority (CMA) granted its approval for Luberef’s IPO on Tadawul.