Saudi Arabia’s Lumi sets IPO price range, looks to raise up to $290mln
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.
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