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Saudi riyal. Image used for illustrative purpose. Getty Images
Saudi Arabian auto rental firm Lumi, one of the largest in the kingdom, on Wednesday set its IPO price range between 62 Saudi riyals ($16.5) and SAR 66 per share as it goes ahead with plans to list on the local Tadawul exchange.
This implies a market capitalisation of SAR 3.6 billion at the top of the range, the Riyadh-based auto rental firm said in a statement.
The final offer price will be announced at the end of the book-building period early next month.
The firm, which is offering 16,500,000 shares, or 30% of its issued share capital, expects to raise between SAR 1.02 billion and SAR 1.08 billion.
The selling shareholder in the public offering is Tadawul-listed Seera Group, a Saudi travel company formerly known as Al Tayyar Travel Group, which wholly owns Lumi.
(Writing by Brinda Darasha; editing by Seban Scaria)
