Luberef, the oil subsidiary of Saudi giant Aramco, expects to raise up to 4.95 billion rials ($1.32 billion) from its initial public offering, the company said, if it trades at the top of the range it announced on Sunday.
Luberef will sell nearly 30% of the company’s share capital, or 50.045 million shares, between 91 and 99 riyals each, the company said in a statement.
State-led IPOs in Saudi Arabia, Abu Dhabi and Dubai have helped capital markets in the oil-rich Gulf, in contrast to the US and Europe, where global banks have cut staff amid a business drought.
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, data from Refinitiv shows.
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Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
