Saudi Arabian auto rental firm Lumi prices IPO at top of range | Reuters
Saudi Arabia's Lumi on Friday set the price of its initial public offering (IPO) at the top of a range announced last week, reflecting strong appetite for Saudi flotations after the IPO window opened following a summer lull.
Lumi, one of the largest auto rental firms in the kingdom, said the price for its shares was set at 66 riyals, giving the company a valuation of 3.63 billion riyals ($967.8 million).
The company is set to raise 1.089 billion riyals for its offering, which consists of a sale of 16.5 million shares, equivalent to 30% of its issued share capital.
Last week, Lumi disclosed a price range between 62 riyals and 66 riyals per share the IPO.
Lumi said the institutional book-building process generated an order book of about 102.9 billion riyals and was 94.5-times oversubscribed.
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