(MENAFN- Mid-East.Info)

Lumi Rental Company (“Lumi” or the“Company”), one of the leading car rental and leasing companies in the Kingdom of Saudi Arabia (the“Kingdom”), has commenced trading on the Main Market of the Saudi Exchange (“Tadawul”) today, following the successful completion of its Initial Public Offering (the“IPO” or the“Offering”). Lumi trades under ticker symbol 4262.
Raising gross proceeds of SAR 1.09 billion, the IPO received exceptionally strong support from both institutional and retail investors. The institutional book-building process was 94.5x oversubscribed and generated an order book of approximately SAR 102.9 billion, while the retail subscription process attracted total demand of approximately SAR 1.25 billion with oversubscription of 11.5x. The Offering priced at the top of its range with a Final Offer Price of SAR 66 per share, implying a market capitalization for the Company of SAR 3.63 billion at the time of listing.
Engineer Mohammed Bin Saleh Al-Khalil, Chairman of Lumi, commented:“Our IPO marks a key milestone in our accelerating journey and another important step in cementing our position as one of the leading market players in the Kingdom, positioned for growth in the land mobility sector. We are pleased to welcome new shareholders to participate in our story, as we remain committed to investing in our future and building on our strong track record to reshape the evolving landscape of our industry.”
Syed Azfar Shakeel, Chief Executive Officer of Lumi, commented:“The very strong retail and institutional demand for our IPO reflects our position as a key player experiencing rapid growth in a sector that is benefitting from powerful macroeconomic and structural tailwinds. As a listed company, we look forward to building on our value creation strategy to drive expansion and growth while generating long-term value for our shareholders. We have every confidence in our ability to deliver on our promises to them.”

Mohammed Sulaiman Al-Rumaih, Chief Executive Officer of Saudi Exchange, commented:“ Our IPO pipeline remains strong as we welcome Lumi Rental Company to the Saudi Exchange's Main Market.
Today's listing is a reflection of the Kingdom's growth in the transportation industry. The addition of Lumi to the market offers investors an opportunity to further diversify their portfolio and participate in the development of this dynamic industry. We would like to congratulate the entire Lumi team on this occasion,and we look forward to their growth journey.”
Lumi is one of the leading car rental companies in the Kingdom with a unique and diverse offering, including lease services to Corporate and Government sector clients, car rentals via digital channels and a network of 35 airport and city branches across the Kingdom and used car sales.
The Company has a track record of strong financial results, with very healthy momentum in the first half of 2023G, reporting revenue of SAR 500 million, increasing by 48.6% year-on-year. First-half EBITDA of SAR 271.7 million, with an EBITDA margin of 54.3%, grew by 28.8% on the previous year, while net income increased by 38.8% to SAR 100.0 million with a net income margin of 20.0%. Lumi is committed to its transformative growth journey and its objectives for future shareholder value creation, as supported by its three-pillar growth strategy. The strategy is based on building a pipeline of future revenue and asset growth through vehicle lease contracts with Corporate and Government clients,
achieving scale, adding to growth of operations and profitability as a car rental business and fleet disposal at maximised purchase price recovery.
The prospectus for the Offering can be found on the CMA website ( and on the Company's dedicated IPO website .


The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. The information in this announcement is subject to change. Neither the Company nor the Financial Advisor or their respective affiliates undertake to provide the recipient of this announcement with any additional information, or to update this announcement or to correct any inaccuracies, and the distribution of this announcement shall not be deemed to be any form of commitment on the part of the Company or the Financial Advisor to proceed with the Offering or any transaction or arrangement referred to therein. The contents of this announcement are not to be construed as legal, financial or tax advice.
The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy, the Offer Shares to any person in the United States, Canada, Japan, Australia, South Africa or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The offer and sale of the Offer Shares has not been and will not be registered under the applicable securities laws of any jurisdiction other than the Kingdom.
This announcement is being distributed subject to the provisions of the Rules on the Offer of Securities and Continuing Obligations (the“OSCO Rules”) issued by the CMA, and should not result in any binding undertakings to acquire shares or subscribe in the Offering. This announcement is for information purposes only and under no circumstances shall constitute an offer or invitation, or form the basis for a decision, to invest in any securities of the Company. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors may only subscribe in the Offer Shares on the basis of the CMA approved Arabic language prospectus to be issued and published in due course (the“Prospectus”). The information in this announcement is subject to change. In accordance with Article 51 of the OSCO Rules, copies of the Prospectus will, following publication, be available on the websites of the Company ( CMA (, the Saudi Exchange ( and the Financial Advisor
( announcement is not an offer document for the purposes of the OSCO Rules and should not be construed as such. The CMA and the Saudi Exchange do not take any responsibility for the contents of this announcement, do not make any representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this announcement.
This announcement may include statements that are, or may be deemed to be,“forward-looking
statements”. These forward- looking statements may be identified by the use of forward-looking
terminology, including the terms“aim,”“anticipate,”“believe,”“can,”“consider,”“could,”“estimate,”
“expect,”“forecast,”“intend,”“may,”“ought to,”“potential,”“plan,”“projection,”“seek,”“should,”“will,”
“would,” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies. Many factors could cause the actual results to differ materially from those expressed or implied by any such forward-looking statements or contained in projections, including, among other things, risks specifically related to the Company and its operations, the development of global economic and industry conditions, and the impact of economic, political and social developments in the Kingdom. These factors will be described in more detail in the Prospectus.

looking statements speak only as of the date they are made. Each of the Company, the Financial Advisor and its respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. There is no guarantee that the Offering will occur and you should not base your financial decisions on the Company's intentions in relation to the Offering at this stage. This announcement does not constitute a recommendation concerning the Offering nor any declaration or undertaking by any means. Acquiring Offer Shares to which this announcement relates may expose an investor to a significant risk of losing the entire amount invested.
Persons considering investment should consult an investment advisor or an authorized person specializing in advising on such investments. The Financial Advisor is acting exclusively for the Company and no-one else in connection with the Offering. It will not regard any other person as its client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
The contents of this announcement have been prepared by and are the sole responsibility of the Company.
Neither the Financial Advisor nor any of its affiliates or respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty,express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form,and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
In connection with the Offering, the Financial Advisor and any of its affiliates, may take up a portion of the Offer Shares in connection with the Offering as a principal position and in that capacity may retain,purchase, sell, offer to sell for their own accounts such Offer Shares and other securities of the Company or related investments in connection with the Offering or otherwise.
Accordingly, references in the Prospectus, once published, to the Company's shares being issued, offered,subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, the Financial Advisor and any of its affiliates acting in such capacity. In addition, the Financial Advisor and any of its affiliates may enter into financing arrangements (including swaps or contracts for difference) with investors in connection with which the Financial Advisor and any of its affiliates may from time to time, acquire, hold or dispose of securities. The Financial Advisor does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.


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