Saudi Aramco Base Oil Company, known as Luberef, has guided towards top-of-the-range pricing for its up to SR4.95bn (US$1.32bn) Tadawul IPO on the penultimate day of bookbuilding.
Books are multiple times covered for the offering of just over 50m shares at the top of the SR91–SR99 range. The secondary share offering represents 29.7% of the company, with all shares coming from Jadwa Industrial Investment Company.
Top-end pricing had been anticipated as the float was covered at the top of the range on the first day of bookbuilding.
The institutional bookbuild wraps up at 12pm locally on Friday.
A retail offer for up to 25% of the shares runs from December 14–18, with a trading date yet to be set.
Citigroup, HSBC, Morgan Stanley and SNB Capital are joint bookrunners.