Saudi Arabian auto rental firm Lumi hires banks for planned IPO - sources
03/04/2023 08:03
By Hadeel Al Sayegh
DUBAI, April 3 (Reuters) - Saudi Arabian auto rental
firm Lumi has hired Saudi Fransi Capital 1050.SE and EFG
Hermes HRHO.CA 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 1810.SE 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 ABRJ.OM and Abu Dhabi's ADNOC Gas
ADNOCGAS.AD .
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)
((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))