Saudi Aramco Base Oil targets as much as $1.32bn from IPO

Saudi Aramco Base Oil announced a price range for the initial public offering (IPO) of close to 30pc of the refiner that would raise as much as $1.32bn.

The company, also known as Luberef, announced a price range for its IPO of between 91 and 99 Saudi Riyals per share.

The refiner is offering as much as 29.7pc of the company through the IPO. The shares consist solely of the stake owned by Jadwa Industrial Investment Co.

Saudi Aramco owns the remaining 70pc. That stake will remain unchanged.

The sale of the 29.7pc stake at a price range of SAR91-99 per share would generate SAR4.55bn-4.95bn, or $1.21bn-1.32bn.

The final price for the share offer will be announced on 11 December.