EFG Hermes completes advisory on Saudi Lumi Rental’s $290M IPO on Tadawul

Updated 9/25/2023 9:36:00 AM
EFG Hermes completes advisory on Saudi Lumi Rental’s $290M IPO on Tadawul

Arab Finance: The investment banking division of EFG Holding has successfully concluded advisory on the $290 million initial public offering (IPO) of the Saudi Lumi Rental Company, as per an emailed press release.

This marks EFG Hermes’ fifth IPO this year and the latest in a series of transactions the firm has advised on in the Gulf Cooperation Council (GCC).

EFG Hermes served as joint bookrunner on the IPO.

As per the IPO, Lumi Rental Company offered 30% of its total issued capital, or 16.5 million shares, on the Saudi Exchange (Tadawul) at a value of SAR 66 per share, which implies a market capitalization of SAR 3.63 billion.

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