Lumi stock surges 30% on TASI debut

Logo of Lumi Rental Co.

Lumi Rental Co.’s stock rose 30% today, Sept. 25, to SAR 85.80 per share, in its first session on the the main market (TASI), adding SAR 19.80 to the listing price of SAR 66 apiece.

Nearly 1.4 million shares were traded so far, worth SAR 118 million, through about 5,500 transactions.

The stock is witnessing sell orders for about 3.4 million shares at the highest price.

Lumi started trading on the Saudi Exchange (Tadawul) today, with the symbol 4262 and ISIN Code SA15SH122J13.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These fluctuation limits will apply during the first three days of listing. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limit will no longer apply.

The company offered 16.5 million shares, or 30% of its capital, on TASI at SAR 66 per share. Out of the offered shares, 90% were allocated to participating parties and 10% to retail investors.

The retail tranche was 11.5x covered, while the tranche of participating parties was 94.5x subscribed.

A total of 124,900 retail investors submitted applications for shares worth about SAR 1.25 billion.

Each retail investor received a minimum of four shares, while the remaining shares will be allocated pro rata, based on the demand size of each subscriber to total shares. The allotment ratio amounted to 0.1865%.