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Lumi Set to Raise $290 Million after Announcing Final IPO Offer Price

Lumi’s Final Offer Price has been set at SAR 66 per share, implying a total offering size of SAR 1.089 billion. (Photo: SPA)
Lumi’s Final Offer Price has been set at SAR 66 per share, implying a total offering size of SAR 1.089 billion. (Photo: SPA)
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Lumi Set to Raise $290 Million after Announcing Final IPO Offer Price

Lumi’s Final Offer Price has been set at SAR 66 per share, implying a total offering size of SAR 1.089 billion. (Photo: SPA)
Lumi’s Final Offer Price has been set at SAR 66 per share, implying a total offering size of SAR 1.089 billion. (Photo: SPA)

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.

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.