(Tiper Stock Exchange) – Enlightenmenta leading Saudi Arabian car rental and leasing company, has announced plans to proceed with an initial public offering (IPO) of its ordinary shares on the main market of Saudi Stock Exchange. Lumi will offer 16,500,000 shares, representing 30% of the capital. The price range of the offering will be announced on 30 August and the final price will be announced on 7 September 2023 following the institutional bookbuilding process.
The net proceeds of the offer will be received by theselling shareholderSeera Group Holding (formerly known as Al Tayyar Travel Group).
“The IPO offers investors the opportunity to participate in an industry that is benefiting from powerful favorable macroeconomic and structural factors and is positioned for significant growth,” commented the President Mohammed Bin Saleh Al-Khalil – With our growth accelerating, this is an exciting time to invite investors to share our future journey to success.”
Lumi has one fleet of 24,730 vehicles as of April 30, 2023 and 771 employees as at September 30, 2022. The company has achieved a sales of 782.6 million Saudi riyals (about 192 million euros) in 2022, achieving a year-on-year growth of 50.1%. L’Net income increased by 35.4% year-on-year to 143.7 million Saudi riyals (about 35 million euros) in 2022.
Lumi is active with various divisions: Long-term rental of commercial and non-commercial vehicles to corporate and government sector entities; car rental and related services to retail customers and corporate customers through 35 airport and city branches, as well as through digital channels; sale of used vehicles from the company’s leasing and rental fleet through a tender process or a car showroom.
(Photo: Photo by ekrem osmanoglu on Unsplash)