Cleary Gottlieb Steen & Hamilton and Latham & Watkins are leading on the initial public offering of the Saudi Aramco Base Oil Company (Luberef).

Local reports indicate that the company had set the final IPO offer price at $26.33 a share, implying a market capitalisation of SAR 16.7 billion ($4.44 billion), making it the third-largest IPO to take place in the Kingdom after Americana and Nahdi Medical, a Saudi pharmacy chain, which raised $1.36 billion last month.