Aramco Refining Unit Plans Billion-Dollar IPO

All 50,045,000 ordinary shares will be offered to individual and institutional investors, Luberef said.
According to the company, the announcement of the price range and institutional book building process is expected to take place between December 4 and 9. The final price announcement and the final prospectus are expected on December 11. All the necessary steps in the share sale are set to be completed by December 28. The date of the start of trading will be announced at a later stage.
Luberef generated revenues of the equivalent of $2.359 billion in 2021, the company says on its website.
“Luberef’s IPO supports its growth ambitions, will strengthen its already competitive business and unlock new opportunities for its stakeholders. Since its establishment, Luberef has built a robust reputation for delivering high-quality base oil products in the Kingdom of Saudi Arabia and beyond, while creating value for all its stakeholders,” President and CEO Tareq Abdulaziz Alnuaim said in a statement.