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

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Hadeel Al Sayegh DUBAI, April 3 (Reuters) - Saudi Arabian auto rental firm Lumi has hired Saudi Fransi Capital and EFG Hermes 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 is planning to float its unit Lumi and won approval from the Capital Market Authority for the transaction last week.


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, Saudi Fransi Capital and EFG Hermes did not immediately respond to a request for comment when contacted by Reuters on Monday. Lumi has a fleet of more than 19,000 vehicles, according to information on its website. The company announced in September it opened up a showroom in Riyadh to sell its used vehicles to consumers. It said it planned to open car showrooms in Jeddah and Dammam in the coming months.


The Middle East has been a bright spot for listings 2022 and that has spilled over to this year, with flotations from Oman oil driller Abraj Energy and Abu Dhabi's ADNOC Gas . Companies from the Middle East raised $21.9 billion through IPOs in 2022, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.
(Reporting by Hadeel Al Sayegh, Editing by Louise Heavens)

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