Today, Tuesday, September 12, 2023, individual subscription to the offering of Lumi Car Rental Company will begin for one day on the main Saudi stock market.
The company allocates 1.65 million ordinary shares, representing a maximum of 10% of the total shares offered for public subscription, to individual subscribers.
The company announced the recipients of the subscription, which are Riyadh Banks, Al Ahli Saudi Bank, and Banque Saudi Fransi.
The minimum subscription for individual investors is 10 shares, and the maximum is 250,000 shares.
The offering price for Lumi, one of the largest car rental companies in the Kingdom, was set at 66 riyals per share, giving the company a market value of 3.63 billion riyals ($967.8 million).
The company is expected to raise 1.089 billion riyals from the offering through the sale of 16.5 million shares, equivalent to 30% of the issued capital.
The final allocation of the offering shares will take place on September 21st.
The company completed the institutional subscription with a coverage rate of 9446% of the total shares offered.
The participating entities had subscribed to all of the shares offered, with 16.5 million ordinary shares allocated to them, representing 100% of the total shares offered for subscription as a first stage.
Lumi is wholly owned by Seera, a Saudi travel company formerly known as Al Tayyar Travel Group.
The car rental company classified itself as the third largest operator in the Kingdom with a market share of about 7%, based on the size of its fleet in 2021, according to its prospectus.