DUBAI, Dec 12 (Reuters) - Oil giant Saudi Aramco's base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at 99 riyals ($26.33) a share, at the top end of the price range amid strong demand.

The pricing implies a market capitalisation of SAR 16.7 billion riyals ($4.44 billion), the company said in a statement. Saudi investment bank Jadwa, is the selling shareholder, offering its 30% share in the company to investors. Aramco owns the majority 70% stake in the company.

Luberef received $30 billion in orders from institutional investors during the book building process, the company statement said, signaling continued strong demand for Gulf IPOs this year.

A date has not yet been set for shares to begin trading on Riyadh's Tadawul exchange. The retail subscription period is scheduled to run from Dec. 14-18.

SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia are joint financial advisers on the IPO, with SNB Capital also acting as lead manager.

($1 = 3.7600 riyals) (Reporting by Rachna Uppal; Editing by Rashmi Aich)