Luberef announces plans to float 50.04 mln shares on Tadawul

Saudi Aramco Base Oil Co. (Luberef) intends to proceed with the initial public offering (IPO) and listing of its ordinary shares on the Saudi Exchange (Tadawul).

The offering is expected to comprise a sale of existing shares and result in a free float of 29.6562963% of Luberef share capital, according to a statement on Tadawul.

The announcement came from SNB Capital in its capacity as the lead manager, financial advisor, book-runner, global coordinator and underwriter, along with Citigroup Saudi Arabia, HSBC Saudi Arabia, and Morgan Stanley Saudi Arabia in their capacity as financial advisors, book-runners, global coordinators and underwriters on the potential IPO.

The offering price will be determined after the book-building period, the statement noted.

On Nov. 24, Tadawul approved Luberef’s application for the listing of the shares, and the Capital Market Authority (CMA) approved the IPO of 50.045 million ordinary shares (representing 29.6562963% of the company), Argaam earlier reported.