Seera’s unit plans to float 30% of shares on Tadawul

Seera’s unit plans to float 30% of shares on Tadawul

Riyadh – Mubasher: Lumi Rental Company, a subsidiary of Seera Group Holding, intends to trade 30% of its share capital on the Main Market of the Saudi Exchange (Tadawul).

Lumi submitted a request to the Capital Market Authority (CMA) to list 16.50 million ordinary shares, according to a bourse filing.

Seera noted that it had implemented a feasibility study regarding the proposed initial public offering (IPO) of Lumi, adding that it will result in a demerger that is subject to the approval of the listed firm’s shareholders.

Meanwhile, Tadawul and the CMA are expected to approve Lumi’s IPO before the end of 2023.

In the first nine months (9M) of 2022, Seera incurred net losses after Zakat and tax worth SAR 77 million, lower by 74.50% year-on-year (YoY) than SAR 302 million.

Revenues enlarged by 93.46% to SAR 1.62 billion in 9M-22 from SAR 841 million in 9M-21, whereas the loss per share plummeted to SAR 0.27 from SAR 1.02.