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Saudi Aramco’s Luberef hopes to raise up to $1.32 billion in IPO

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Luberef will sell almost 30% of the company’s share capital, or 50.045 million shares, between 91 and 99 riyals each, the company said in a statement (Image: Shutterstock/Hyserb)

Luberef, oil subsidiary of the Saudi giant aramcoexpects to raise up to 4.95 billion rials ($1.32 billion) from its initial public offering, the company said, if it prices at the top of the range announced on Sunday.

Luberef will sell almost 30% of the company’s share capital, or 50.045 million shares, between 91 and 99 riyals each, the company said in a statement.

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State-led IPOs in Saudi Arabia, Abu Dhabi and Dubai have helped capital markets in the oil-rich Gulf, in contrast to the United States and Europe, where global banks have been cutting headcount in a drought. of business.

Gulf issuers have already raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.

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Source: Moneytimes

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