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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

(2222)
  Report
End-of-day quote Saudi Arabian Stock Exchange  -  2023-01-31
32.90 SAR   -0.15%
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Saudi Aramco's Luberef expects to raise up to $1.32 billion from IPO

12/04/2022 | 02:37am EST
FILE PHOTO: The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran

DUBAI (Reuters) - 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.

Luberef will sell nearly 30% of the company's issued share capital, or 50.045 million shares, at between 91 and 99 riyals each, the company said in a statement.

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.

Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.

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.

The final share price will be announced next Sunday, with subscriptions for individual investors running from Dec. 14 to Dec. 18. A date has not yet been set for shares to begin trading on Riyadh's Tadawul exchange.

Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment the remaining 30%.

Saudi Aramco's record listing in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

Aramco, which has raised billions from deals linked to its pipeline infrastructure, is also planning an IPO of its energy-trading business.

The kingdom's privatisation programme is a cornerstone of its Vision 2030 economic agenda to wean the economy off oil, build new industries and create jobs.

($1 = 3.7585 riyals)

(Reporting by Yousef Saba; Editing by Kirsten Donovan)

By Yousef Saba


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -0.34% 82.7 Delayed Quote.-0.55%
DOW JONES AFRICA TITANS 50 INDEX -0.24% 493.51 Real-time Quote.6.56%
S&P AFRICA 40 INDEX -0.25% 164.47 Real-time Quote.6.30%
SAUDI ARABIAN OIL COMPANY -0.15% 32.9 End-of-day quote.2.49%
THE SAUDI INVESTMENT BANK -2.34% 17.56 End-of-day quote.1.27%
WTI -0.18% 76.583 Delayed Quote.-1.72%
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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2022 2 347 B 626 B 626 B
Net income 2022 611 B 163 B 163 B
Net cash 2022 124 B 33 096 M 33 096 M
P/E ratio 2022 11,6x
Yield 2022 4,23%
Capitalization 7 235 B 1 928 B 1 928 B
EV / Sales 2022 3,03x
EV / Sales 2023 3,49x
Nbr of Employees 79 000
Free-Float 1,81%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 32,90 SAR
Average target price 39,17 SAR
Spread / Average Target 19,1%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser Director
Ziad Thamer Al-Murshed CFO & Senior Vice President-Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Chief Engineer
Lynn Laverty Elsenhans Independent Non-Executive Director
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