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Lumi Rental Company, one of Saudi Arabia’s largest car leasing firms, confirmed on Thursday that it will proceed with its initial public offering (IPO) and listing of shares on the main market of the Saudi Stock Exchange (Tadawul).
The company will offer 16.5 million shares, representing 30% of its issued share capital, Lumi said in a statement late Thursday.
Saudi Fransi Capital has been commissioned as the financial advisor, lead manager, bookrunner and underwriter for the offering.
Last March, the CMA approved Lumi’s application to float its shares. The final offer price will be announced on September 7, 2023.
In a statement, Lumi said it is looking to expand its market share. The net proceeds of the IPO will go to Seera Group Holding, formerly known as Al Tayyar Travel Group.
(Writing by Cleofe Maceda; editing by Seban Scaria)
