Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) set the final price for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 99 per share.
The book-building process was oversubscribed by 29.5 times and generated an order book of nearly SAR 146.40 billion ($39 billion), according to a press release.
In addition, the IPO is implying a market cap of SAR 16.70 billion ($4.45 billion) at listing.
A maximum number of 12.51 million shares, accounting for 25% of the total offer shares, will be allocated to the individual investor tranche whose retail subscription period will take place during 14-18 December.
Last November, the Capital Market Authority (CMA) passed Luberef’s request to trade 50.04 million shares, equivalent to 29.65% of its share capital, on Tadawul.
Earlier this month, the Saudi company set the price range for its IPO at SAR 91-99 per share.
