Thursday, December 8, 2022
FGS Global is handling the initial public offering of Luberef, the oil refining unit of the Saudi Arabian Oil Company, that is expected to raise about $1.3B.
The 50M share offer includes the entire 30 percent stake in Luberef that is owned by Jadwa Investments.
Jadwa acquired those shares in 2007 from ExxonMobil.
The IPO is expected to be priced at the higher end of the offering range due to a strong demand for Gulf listings.
Saudi Aramco, which owns a 70 percent stake in Luberef, is not selling any of its shares in the IPO.
Individual investors will get the opportunity to buy Luberef stock, which will list on the Saudi Exchange, beginning December 14.
FGS Global managing director Sophie McNulty and director Ahmed Jebur in the Dubai office handle Luberef.