Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday.
The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. REUTERS/Ahmed Jadallahbase oil subsidiary Luberef expects to raise up to 4.95 billion riyals from its initial public offering, it said, if it prices at the top of a range announced on Sunday.
State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast to the United States and Europe, where global banks have been trimming headcount in a dealmaking drought. A minimum of 75% of the Luberef shares being sold will be offered to institutional investors, with bookbuilding getting underway on Sunday and running until Friday.
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