Lumi prices IPO between SAR 62-66/share on TASI

Logo of Lumi Rental Company

Lumi Rental Co. announced today, Aug. 30, the price range and book-building process for its initial public offering (IPO) on the Saudi Exchange (Tadawul).

The offer price range was set between SAR 62 and SAR 66 per share.   

The car rental business expected the offering size to range between SAR 1.02 billion and SAR 1.08 billion. Upon listing, the company’s market value will stand between SAR 3.41 billion and SAR 3.63 billion.

Lumi announced a plan to sell 16.5 million shares, or 30% of its capital, to the public, Argaam earlier reported. The stake is offered by Seera Holding Group, which owns 100% of Lumi.

The book-building process started today and will end on Sept. 5.

The final offer price will be announced on Sept. 7.

Retail investors will subscribe to 10%, or 1.65 million, of the shares on offer for one day only starting Sept. 12.

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