Luberef IPO: Citigroup Among Banks Leading Aramco Refinery Unit’s Listing - Bloomberg
Citigroup Inc. is among the banks leading the planned initial public offering of Saudi Aramco Base Oil Co., a unit of the state-controlled oil producer, according to people familiar with the matter.
Luberef, as the refining company is also known, plans to launch its IPO in the second half of the year, the people said, asking not to be identified discussing private information. The local unit of HSBC Holdings Plc and SNB Capital are also advising on the offering, which could raise about $1 billion.
Luberef would join several Aramco subsidiaries already listed on Saudi Arabia’s stock exchange, including chemicals maker Saudi Basic Industries Corp. and Rabigh Refining & Petrochemical Co.
Aramco is separately considering selling stakes in its trading business and retail fuels unit, and also mulling a secondary stock offering of its own, Bloomberg News has reported. If these share sales materialize, they could add billions to an already hefty IPO haul in the Middle East.
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