Saudi car rental firm Lumi hires IPO advisors for Tadawul debut

Saudi car rental firm Lumi hires IPO advisors for Tadawul debut

Saudi Arabian car rental company Lumi has hired corporate finance consultants to guide the sale of its upcoming public listing.

Announced in December last year, Lumi plans to go public to fund its further growth objectives. Having filed its request to the Saudi Arabia Capital Market Authority (CMA), the car rental company earlier this month received clearance for its initial public offering (IPO) on the Tadawul exchange, Saudi Arabia’s main stock market.

The exact date of Lumi’s debut on the exchange has not been unveiled, however, known is however that companies that secure approval from the CMA have six months to launch their public share sale.