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Saudi's Lumi shares surges in trading initially after its 1.09 billion riyal

September 26, 2023: Saudi’s Lumi shares surges in trading initially during its 1.09 billion riyal initial public offering.

 Lumi, a subsidiary of Saudi travel business Seera, showed 30% of its shares on the Saudi Tadawul sale at an initial price of 66 riyals, which was at the shelter of their price range. Shortly after that, the share price increased to 85.8 riyals per share.

According to the data in its IPO prospectus, Lumi is the third-largest car rental provider in Saudi Arabia, with an assessed market share of 7% in 2021.

The IPO garnered significant interest, with reports showing that Lumi received over $27 billion in bids from retail and institutional investors. The funds portion of the IPO was oversubscribed by nearly 95 times.

In the broader context, the IPO market in the Middle East and North Africa (MENA) region in the first half of 2023 saw 23 public listings, raising a combined $5.2 billion. This represented a 60% decrease in funds raised

compared to the previous year. However, the MENA region remains active in IPOs, with the UAE and Saudi Arabia being the most prominent markets in the digit and size of IPOs.

Saudi Arabia’s Vision 2030 initiative, aimed at diversifying its revenue sources and drawing foreign acquisition, associated with a growing youth population and favorable oil prices, shows a positive view for its business environment.

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