Saudi Arabia’s Lumi announces final IPO offer price; set to raise $290mln

Saudi Arabia’s Lumi announces final IPO offer price; set to raise $290mln

Saudi Arabia’s Lumi announces final IPO offer price; set to raise $290mlnWORLDMiddle EastAfricaIndian Sub-continentChina and Asia Pacific UK and EuropeAmericasRussiaECONOMYGlobalGCCAfricaLevantNorth AfricaISLAMIC ECONOMYIslamic FinanceIslamic BusinessIslamic Finance ReportsIslamic Finance GlossaryBUSINESSAviationBanking & InsuranceCareersEducationEnergyFintechHealthcareHospitalityManufacturingReal EstateRetail & ConsumerTechnology and TelecomTransport and LogisticsTravel and TourismSMEsFinance MarketingTechnologyLegalPeopleMARKETSCommoditiesCurrenciesEquitiesFixed IncomeWEALTHAlternative InvestmentsFundsWealth ManagementSustainabilityLEGALCrime and SecurityImmigrationPolicy RegulationsLIFECultureEntertainmentFoodHealthLeisure & TravelSportsOPINIONBusiness InsightsPROJECTSBRIConstructionIndustryMiningOil & GasUtilitiesSPECIAL COVERAGERamadan and Eid 2023COP 28: Talking Climate in UAEUAE Realty MarketThe Future of CryptosFocus: Global Wealth FundsRussia-Ukraine CrisisMULTIMEDIAGalleriesVideosPRESS RELEASE Companies NewsGovernment NewsPeople in the NewsResearch & StudiesEvents and ConferencesAfrica Press ReleasesAsia Press ReleasesHome page>MARKETS>Equities>Saudi Arabia’s Lumi anno...PHOTOSaudi Arabian auto rental firm Lumi on Friday announced its final IPO offer price of 66 Saudi riyals ($17.60) per share, at the top of the range indicated last week.The firm is offering 16,500,000 shares, or 30% of its issued share capital.The price implies a total offering size of SAR 1.089 billion and a market capitalization at listing of SAR 3.63 billion, Lumi, one of the largest auto rentals in the kingdom said in a statement.  The institutional book-building process generated an order book of approximately SAR 102.9 billion and was 94.5x oversubscribed, it added.The retail subscription will take place on Tuesday, 12 September.(Writing by Brinda Darasha; editing by Seban Scaria)[email protected]: This article is