Riyadh – Mubasher: The initial public offering (IPO) of Saudi Aramco Base Oil Company (Luberef) attracted 524,848 subscribers who invested SAR 2.85 billion during the retail offering process.
The retail tranche, which took place during 14-18 December 2022, was oversubscribed by 230.10%, according to a bourse filing.
The participating parties were allocated 75% of Luberef's 50.04 million offer shares, which represented 29.65% of its total share capital.
Meanwhile, the remaining 25% of the offer shares, equivalent to 12.51 million shares, were directed to individual investors.
The company allocated a minimum of 10 shares for each retail subscriber, while the remaining shares will be earmarked on a pro-rata basis with an average allocation factor of 30.8537%.
Earlier this month, Luberef set the final price for its IPO on the Main Market of the Saudi Exchange (Tadawul) at SAR 99 per share, implying a market cap of SAR 16.70 billion ($4.45 billion) at listing.
Last November, the Capital Market Authority (CMA) passed Luberef’s IPO on Tadawul.
