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Shares of Saudi oil giant Aramco's base oil supplier Luberef fell by more than 6% on its trading debut after it raised $1.3 billion in an initial public offering (IPO).
The stock, which began trading on the Saudi Stock Exchange (Tadawul) on Wednesday, fell 6.6% to 92.50 riyals ($24.6), according to Tadawul data. The IPO offer price was pegged at SAR99 per share.
The stock has since clawed back some gains and was trading at SAR98.50 at the end of the first hour of trading.
Saudi investment bank Jadwa, the selling shareholder, offered its 30% share in the company to investors.
Aramco owns the majority 70% stake in the company.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
