EFG Hermes concludes advisory on Lumi Rental’s $290m IPO

EFG Hermes concludes advisory on Lumi Rental’s $290m IPO

Image courtesy: Abdulrahman Abdullah/ Getty Images

EFG Holding’s investment banking division, EFG Hermes, has completed advisory on the $290m initial public offering (IPO) of Saudi Arabia’s Lumi Rental Company. EFG Hermes acted as a joint bookrunner on the IPO.

Lumi Rental’s public offering marks EFG Hermes’ fifth IPO this year and is the latest in a series of transactions the investment bank has advised on in the GCC over the years.

Since the beginning of the year, EFG Hermes has advised on the IPOs of ADNOC L&S and ADNOC Gas on the Abu Dhabi Securities Exchange, Abraj Energy Services on the Muscat Stock Exchange and Al Ansari Financial Services on the Dubai Financial Market.

“We are immensely proud of the role we played in Lumi Rental’s IPO – a transaction that reflects the growing confidence of investors in the Saudi market, which has emerged as a global investment powerhouse following rigorous efforts to deepen the market and showcase the kingdom’s potential across various sectors,” said Mohamed Fahmi, EFG Hermes’ co-head of Investment Banking.

“Our distinctive role in this transaction was instrumental in diversifying the local demand witnessed in the majority of Saudi IPOs, as we successfully secured quality regional and global investor participation by