Lumi hires Saudi Fransi Capital, EFG Hermes for IPO: Report

03/04/2023 Argaam

Lumi hires Saudi Fransi Capital, EFG Hermes for IPO: Report

Logo of Lumi Rental Co.

Lumi Rental Co.  hired Saudi Fransi Capital and EFG Hermes to arrange the sale of 30% of its shares in a planned initial public offering (IPO), Reuters reported, citing two sources.

 

Saudi Fransi Capital was appointed as a financial advisor and a joint book-runner for the potential IPO, while EFG Hermes was hired as a joint book-runner. 

 

Last month, the Capital Market Authority (CMA) gave the green light for Lumi Rental Co. to register and offer 16.5 million shares, or 30% of its share capital, on the Saudi Exchange (Tadawul), according to data available with Argaam.

 

Seera shareholders earlier approved Lumi’s demerger from the group and the sale of 30% of Lumi's capital, on Tadawul.

 

Lumi specializes in car rental, and has 25 branches, nine of which are at the Kingdom's airports.  

 

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