Logo of Saudi Aramco Base Oil Co. (Luberef)
Saudi Aramco Base Oil Co. (Luberef) intends to proceed with the initial public offering (IPO) to list 50.04 million shares on the Saudi Exchange (Tadawul).
On Nov. 24, the oil producer obtained the Capital Market Authority’s (CMA) approval on the listing.
The planned-to-be-offered stake represents 29.66% of its share capital reaching 168.75 million shares (SAR 1.687 billion).
Subscription to the retail tranche will run from Dec. 14-15. It will be preceded by the book-building process that will take place between Dec. 4-9.
Participating parties are those who are qualified to take part in the book-building process, including investment funds, foreign companies and institutions, investors from GCC companies, in addition to other qualified foreign investors (QFIs) by virtue of swap agreements, to which 100% of the offered shares were allotted. If retail investors fully subscribe to their allocated shares, the financial advisor will reduce the number of their shares to 75% of the total offered shares, at a minimum of 37.53 million.
Meanwhile, retail investors are Saudi nationals, residents in the Kingdom and nationals of GCC states, to which 25%, or 12.51 million shares, were earmarked.
Established in 1976, Luberef currently has two production facilities, one in Jeddah and the other in Yanbu. Its total production capacity is currently 1.3 million metric tons of Class I and Class II base oil.
Luberef is the sole producer of unrefined base oils in the Kingdom and one of the largest producers of base oils in the world.
Its products are sold in the Kingdom and around the world, including the Middle East, North Africa, the Americas and Europe.
The firm produces several Group I and Group II base oil products besides manufacturing many by-products such as asphalt, marine heavy fuel oil (MHFO), slack wax, bright stock extract, sulfur and white products such as ultra-low sulfur diesel (ULSD), naphtha and drilling fluid.
It operates in the manufacturing of refined petroleum products, plastics and synthetic rubber in their primary forms, amongst other chemical products not classified elsewhere. This is in addition to the wholesale of solid, liquid and gaseous fuels and related products.
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Company Profile |
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Company |
Saudi Aramco Base Oil Co. (Luberef) |
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Market |
Saudi Exchange (Tadawul) |
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Core Activities |
Selling solid, liquid and gaseous fuels, along with the manufacturing of refined petroleum products, plastics and rubber, amongst other chemical products |
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Capital |
SAR 1.687 bln |
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Number of Shares |
168.75 mln |
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IPO Summary |
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Issue Percentage |
29.656% |
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Number of Shares Offered |
50.045 mln |
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Qualified Subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors
- Retail investors |
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IPO Minimum Limit for Retail Investors |
10 shares |
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Minimum Limit for Institutional Investors |
50,000 shares |
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IPO Maximum Limit for Retail Investors |
250,000 shares |
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Maximum Limit for Institutional Investors |
8,437,499 shares |
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Subscription Period for Institutional Investors and Book-Building Process |
From Dec. 4-9, 2022 |
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Retail Offering |
From Dec. 14-15, 2022 |
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Final Allocation |
Dec. 22, 2022 |
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Surplus Refunds |
Dec. 28, 2022 |
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Special Information |
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Financial Advisor, Lead Manager, Institutional Bookrunner, Local Coordinator and Underwriter |
SNB Capital - Morgan Stanley Saudi Arabia - HSBC Saudi Arabia - Citigroup Saudi Arabia |
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Lead Manager |
SNB Capital |
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Receiving Banks |
Saudi National Bank - Al Rajhi Bank - Riyad Bank - Alinma Bank - Arab National Bank - Saudi Investment Bank - Bank Albilad - Banque Saudi Fransi - Saudi British Bank - Gulf International Bank - Bank AlJazira |
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Major Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (mln shares) |
Ownership |
Number of Shares (mln shares) |
Ownership |
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Saudi Aramco Co. |
118.13 |
70% |
118.13 |
70.00% |
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Jadwa Industrial Investment Co. |
50.63 |
30% |
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-- |
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Treasury Shares* |
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0.58 |
0.34% |
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Public |
-- |
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50.05 |
29.66% |
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Total |
168.75 |
100.00% |
168.75 |
100.00% |
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Luberef will purchase treasury shares from Jadwa Industrial Investment Co., in parallel with the offering process.
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