Luberef retail IPO 230% covered with SAR 2.9 bln orders, 10 shares allotted per subscriber
Logo of Saudi Aramco Base Oil Co.
Saudi Aramco Base Oil Co. (Luberef) completed its retail offering, with a coverage ratio of 230.1%, according to a statement by SNB Capital, lead manager, financial advisor, book-runner, global coordinator and underwriter, 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 IPO.
The number of retail subscribers reached 524,800, while total orders were valued at about SAR 2.85 billion.
A minimum of 10 shares were allocated per retail subscriber. The remaining shares will be allocated on a pro-rata basis, based on the demand size of every subscriber to total shares.
Fractional shares were collated and allocated one share per application starting from the highest order in a descending order.
Retail Offering Highlights |
|
Number of retail subscribers |
524,848 |
Shares allocated to retail investors |
12.51 mln |
Offer price |
SAR 99 |
Retail offer coverage |
230.10% |
Total value of retail subscriber orders |
SAR 2.85 bln |
Allocation |
A minimum of 10 shares |
Allocation of remaining shares |
30.8537% on a pro rata basis |
Surplus refunds to retail investors will be processed no later than Dec. 28, 2022, the statement added.
The company offered 50.045 million shares, representing 29.66% of its capital, of which 75% was allocated to participating parties and 25% to retail investors, Argaam earlier reported.
The subscription period for the retail tranche ran through Dec. 14-18. Retail investors fully subscribed to 12.511 million shares at SAR 99 each.
Luberef’s institutional offering, which was completed last week, was 29.5x covered.
Related News
Retail subscription to Luberef’s IPO starts today |
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