Lumi issues prospectus to list 16.5 mln shares on TASI

Logo of Lumi Rental Co.

Lumi Rental Co. issued today, Aug. 24, its prospectus to float 16.5 million shares, or 30% of its SAR 550 million capital, on the Saudi Exchange (Tadawul).

The Capital Market Authority (CMA) approved, on March 31, Lumi’s application to float shares on Tadawul.

Participating parties include those entitled to participate in the book-building process. The number of shares allocated to this category is 16.50 million, or 100% of the total offer shares. In case of strong retail demand, the allocation to this category would decrease to a minimum of 14.85 million, or 90% of the offering’s total shares.

Retail investors include Saudi legal persons and non-Saudi legal residents in the Kingdom, as well as GCC nationals who have a bank account with the receiving banks and have the right to open an investment account with a financial institution. A maximum of 1.65 million shares, or 10% of the total offer, will be allocated to this category.

Participating parties entitled to participate in the book-building process will register from Aug. 30-Sept. 5. However, retail investors’ subscription will run for one day only, on Sept. 12.

Lumi is specialized in car rental in the Kingdom. Its main activity is represented in three main business segments: Car rental, car leasing, and the sale of used cars that are used in the former two segments. Lumi runs 33 branches, some of which are located inside the Kingdom's airports.

Seera Holding Group currently owns 100% of the company's pre-IPO shares.

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