Lumi, a Saudi car rental and leasing company, has announced the conclusion of the institutional book-building process and the determination of the final offer price for its initial public offering on the Saudi Exchange Market.
The Final Offer Price has been set at SAR 66 per share, implying a total offering size of SAR 1.089 billion and a market capitalization at listing of SAR 3.63 billion.
Last week, Lumi said that the price range for its IPO has been set between SAR 62 and SAR 66 per share, implying a total offering size of SAR 1,023 million to SAR 1,089 million.
Saudi Fransi Capital has been appointed by the Company as financial advisor, lead manager, and underwriter.
Lumi was established by Seera Group Holding in 2006 as a sole proprietorship to provide car rental services amongst a portfolio of travel companies.
The car rental company is classified as the third largest operator in the Kingdom, with a market share of about 7 percent, based on the size of its fleet in 2021, according to its prospectus.
A few days ago, Addis Holding Company, a global company providing drilling and production services to the oil and gas sector in the Middle East and North Africa region, announced its intention to offer an initial public offering and list its shares on the main market, Tadawul.
The company will sell 101.615 million of its current shares. The offering is expected to raise $1 billion, making it one of the largest planned IPOs in the kingdom this year, Bloomberg reported in an earlier report.
