#Saudi Arabian auto rental firm Lumi hires banks for planned IPO -sources | Reuters

Saudi Arabian auto rental firm Lumi hires banks for planned IPO -sources | Reuters

Saudi Arabian auto rental firm Lumi has hired Saudi Fransi Capital (1050.SE) and EFG Hermes (HRHO.CA) to arrange the sale of 30% of its shares in a planned initial public offering (IPO), two sources told Reuters.

The kingdom's largest travel company Seera (1810.SE), which owns Lumi, won approval for the float from Saudi Arabia's Capital Market Authority (CMA) last week. Companies that secure approval from the CMA have six months to launch their public share sale.

Riyadh-based Lumi Rental Company has appointed Saudi Fransi Capital as financial advisor and joint bookrunner on the transaction, said one of the sources, declining to be named as the matter is not public. EFG Hermes joins Saudi Fransi as joint bookrunner, the source said.

Lumi and Saudi Fransi Capital did not immediately respond to requests for comment when contacted by Reuters on Monday. EFG Hermes declined to comment.