Saudi base oil production company Luberef has been valued at the top end of its estimate for the firm’s IPO. Luberef is a joint venture between Saudi Aramco (70%) and local private equity firm Jadwa Investment (30%). Jadwa is now selling its stake, with the shares set to start trading on the Tadawul bourse in the coming weeks (MEES, 9 December).

Luberef announced on 1 December that following completion of the book-building process, the offering price for shares had been set at SR99 ($26), valuing the firm at SR16.7bn ($4.46bn). “We are delighted that Luberef’s offering has been met with substantial interest from both local and international institutional investors. It is testament to investor confidence in our company, our growth strategy and the prospects for our industry,” said CEO Tareq Alnuaim. (CONTINUED - 733 WORDS)