Riyadh September 10 2023: Lumi Rental Co. announced today, Sept. 8, the successful completion of the book-building process for its initial public offering (IPO) on the Saudi Exchange (Tadawul), setting the final IPO price at SAR 66 per share.
In a statement, the company added that the final price was set at the upper limit of the previously announced price range between SAR 62 and SAR 66 per share.
The total value of orders during the book-building process reached nearly SAR 102.9 billion, with a coverage ratio of 94.5x.
The total offer value stands at SAR 1.08 billion, and the company’s market value will reach SAR 3.63 billion.
Lumi had announced a plan to sell 16.5 million shares, or 30% of its capital, to the public. The stake is offered by Seera Holding Group, which owns 100% of Lumi.
Retail investors will subscribe to 10%, or 1.65 million, of the shares on offer for one day only on Sept. 12.
