PetroRabigh to list next week

Shares in Saudi Arabia-based Rabigh Refining and Petrochemical Company (PetroRabigh) will list on the kingdom's bourse on January 27, the market regulator said on Sunday.

No limit would be set for the stock price movement on the debut day, the Capital Market Authority (CMA) said in a statement. It otherwise sets a 10% limit for listed shares' price movement.

The 4.6 billion riyal ($1.2 billion) initial public offering (IPO) of PetroRabigh - a joint venture between state hydrocarbons conglomerate Saudi Aramco, and Japan's Sumitomo Chemicals - was almost four times oversubscribed earlier this month.

The sale of a 25% stake in PetroRabigh to Saudi nationals was the first time Saudi Aramco, the world's largest oil producing firm, has offered shares in one of its affiliates to the public.

The IPO, which was open only to Saudi nationals, involved 219 million shares at 21 riyals each, valuing PetroRabigh at $4.9 billion, a steep discount to the $10 billion invested in the project. (Reuters)

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