Saudi Aramco Refiner Hires Banks for $1 Billion Share Sale (3)

Saudi Aramco Base Oil Co., a refining unit of the state-owned oil producer, named banks including Citigroup and HSBC Holdings Plc for its initial public offering on the Saudi stock exchange, which could raise about $1 billion.

The company, also known as Luberef, is planning to sell 50 million shares, or a nearly 30% stake, according to a statement. The price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.

The company hired SNB Capital as lead manager, financial adviser, book-runner, global coordinator and underwriter. It also named Citigroup Saudi ...