The company said in a statement that the pricing means that the market capitalization has reached 16.7 billion riyals ($4.44 billion). The selling shareholder, Saudi Jadwa Investment Bank, is offering its 30 percent stake in the company to investors. Aramco owns a majority stake of 70 percent in the company.
The company’s statement said that Luberef received orders worth $30 billion from institutional investors during the IPO price-setting process, indicating continued strong demand for IPOs in the Gulf this year.
No date has yet been set for the start of trading in shares on the Saudi Stock Exchange (Tadawul). The retail subscription period is scheduled to run from December 14-18.
Al-Ahly Capital, which is affiliated with the National Bank of Saudi Arabia, HSBC Saudi Arabia, Citigroup and Morgan Stanley Saudi Arabia, provides financial advice on the initial public offering, and Al-Ahly Capital will be the lead manager of the offering.
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