Saudi Refiner Luberef Prices $1.3 Billion IPO at Top End
- IPO consists of a sale of private equity firm Jadwa’s stake
- Luberef is latest Gulf IPO to draw strong investor demand
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Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, priced its Riyadh initial public offering at the top of a marketed range to raise 4.95 billion riyals ($1.32 billion) for the private equity firm selling its stake.
Luberef, as the refiner is known, set the final price at 99 riyals a share, the top of a range of 91 to 99 riyals, according to the company’s prospectus.