Seera seeks CMA approval to list 30% of Lumi

Logo of Seera Group Holding

Seera Holding Group submitted an application to the Capital Market Authority (CMA) to offer 16.5 million shares, or 30% of Lumi Rental Co.’s capital, in an initial public offering (IPO) on the Saudi Exchange (Tadawul).

The CMA’s approval to register and offer Lumi’s shares and Tadawul’s approval to list the shares on the Main Market are expected to be obtained before the end of 2023, Seera said in a statement on Tadawul.

Recently, Seera’s shareholders approved Lumi’s demerger from the group and selling 16.5 million ordinary shares, or 30% of Lumi's capital, on Tadawul, according to data compiled by Argaam.

In March, Seera said it was considering Lumi’s IPO.

Lumi, which specializes in car rental, operates 25 branches, nine of which are at the Kingdom's airports.

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