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Monday, 5 December 2022

Aramco’s base oils subsidiary could raise up to USD 1.3 bn in its IPO in Riyadh

Aramco subsidiary could raise as much as USD 1.3 bn in its IPO: Saudi Aramco refining subsidiary Luberef commenced bookbuilding for its debut on the Saudi stock exchange at a price range of SAR 91-99 (USD 24.21-26.34) per share yesterday, the company said in a statement (pdf). Luberef will offer a 30% stake (c.50 mn shares) currently held by private equity firm Jadwa Industrial Investment Company, raising as much as SAR 5.0 bn (USD 1.3 bn) at the top end of the range. Saudi Aramco will retain its 70% stake in the company.

What’s next: Bookbuilding wraps this Friday, 9 December. The final share price will be announced alongside the final prospectus on 11 December, followed by the retail subscription period from 14-18 December, according to the IPO website. The company has yet to determine its planned first day of trading.

Up

EGX30

14,079

+3.2% (YTD: +17.8%)

Up

USD (CBE)

Buy 24.55

Sell 24.63

None

USD at CIB

Buy 24.55

Sell 24.61

None

Interest rates CBE

13.25% deposit

14.25% lending

Down

Tadawul

10,724

-0.9% (YTD: -4.9%)

Up

ADX

10,545

+1.7% (YTD: +24.3%)

Up

DFM

3,324

+0.6% (YTD: +4.0%)

Down

S&P 500

4,072

-0.1% (YTD: -14.6%)

None

FTSE 100

7,556

0.0% (YTD: +2.3%)

Down

Euro Stoxx 50

3,978

-0.2% (YTD: -7.5%)

Down

Brent crude

USD 85.57

-1.5%

Down

Natural gas (Nymex)

USD 6.28

-6.8%

Down

Gold

USD 1,809.60

-0.3%

Up

BTC

USD 17,117

+1.0% (YTD: -63.0%)

THE CLOSING BELL-

The EGX30 rose 3.2% at yesterday’s close on turnover of EGP 2.38 bn (44.6% above the 90-day average). Local investors were net buyers. The index is up 17.8% YTD.

In the green: AMOC (+11.0%), Fawry (+8.6%) and Sidi Kerir Petrochemicals (+8.3%).

In the red: Eastern Company (-1.1%).

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