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Seera's Lumi proceeds with IPO for Tadawul listing

Seera's Lumi proceeds with IPO for Tadawul listing
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Riyadh – Mubasher: Lumi Rental Company, a unit of Seera Group Holding, plans to proceed with the initial public offering (IPO) to float 16.50 million ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

Lumi intends to offer 30% of its issued share capital after obtaining the approval of the Capital Market Authority (CMA) as well as Tadawul last March, according to a bourse filing.

The offer price range and final offer price will be announced on 30 August and 7 September 2023, respectively.

Meanwhile, Saudi Fransi Capital acted as the financial advisor, lead manager, bookrunner, and underwriter for the offering process.

EFG Holding was appointed as the bookrunner. Riyad Bank, Banque Saudi Fransi, and Saudi National Bank (SNB) were designated as receiving agent

Mohammed bin Saleh Al Khalil, Chairman of Lumi, commented: “The IPO provides an opportunity for investors to participate in a sector that is benefitting from  powerful macroeconomic and structural tailwinds, and is positioned for significant growth.”

In the first half (H1) of 2023, Seera shifted to net profits after Zakat and tax valued at SAR 124 million, against net losses of SAR 131 million in H1-22.