EFG Hermes Concludes Advisory on USD 290 Million IPO of Lumi Rental Company on the Saudi Exchange
تاريخ النشر: 25th, September 2023 GMT
The IPO marks a significant milestone in Lumi Rental Company’s growth journey and showcases EFG Hermes' commitment to facilitating landmark transactions in the Kingdom
Riyadh، September 25، 2023
EFG Hermes، the leading investment bank franchise in Frontier and Emerging Markets (FEM)، announced today that its investment banking division successfully completed advisory on the USD 290 million initial public offering (IPO) of Lumi Rental Company، one of the leading car rental and leasing companies in the Kingdom of Saudi Arabia.
Lumi Rental Company offered a total of 30% of its total issued share capital، equivalent to 16،500،000 shares، at SAR 66 per share، implying a market capitalization of SAR 3.63 billion. The IPO witnessed a robust demand of SAR 102.9 billion (USD 27.4 billion) for shares from local، regional، and international investors، with the total book covered approximately 94.5 times. Net proceeds of the offering will be received by the Selling Shareholder، Seera Group Holding (formerly known as Al Tayyar Travel Group). The company began trading today under the symbol 4262.
Mohamed Fahmi، EFG Hermes’ Co-Head of Investment Banking، commented، “We are immensely proud of the role we played in Lumi Rental Company's IPO — a transaction that reflects the growing confidence of investors in the Saudi market، which has emerged as a global investment powerhouse following rigorous efforts to deepen the market and showcase the Kingdom’s potential across various sectors. Our distinctive role in this transaction was instrumental in diversifying the local demand witnessed in the majority of Saudi IPOs، as we successfully secured quality regional and global investor participation by leveraging our unparalleled global distribution network and top-notch research capabilities that consistently raise the bar in the Saudi market. This IPO comes on the heels of the conclusion of our successful EFG Hermes Saudi Forum in London this month which was done in collaboration with the Saudi Exchange and included the Capital Markets Authority (CMA) as an honorary guest، reaffirming our commitment to being a trusted partner for companies seeking to unlock value and for investors looking to us as a gateway into this burgeoning market.
Lumi was established by Seera Group Holding in 2006 as a sole proprietorship to provide car rental services amongst a portfolio of travel companies. It is now 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. Since 2016، the company has achieved significant scaling; increasing from a fleet size of 3،603 vehicles to 24،730 vehicles as of 30 April 2023.
This listing marks the Firm’s fifth IPO this year and is the latest in a series of consecutive transactions EFG Hermes has advised on in the GCC over the years. In 2023، the Firm advised on the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); Abraj Energy Services on the Muscat Stock Exchange (MSX); and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).
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EFG Hermes Successfully Concludes Advisory on Valu’s Landmark EGX Listing Innovative in-kind distribution and Amazon investment mark a new chapter in Egypt’s capital markets.
EFG Hermes، an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that its investment banking team has successfully concluded advisory on the listing of Valu and its commencement of trading on the Egyptian Exchange (EGX)، under the ticker valu، yesterday.
Valu’s listing and trading on the EGX was executed through an innovative in-kind dividend distribution، where EFG Holding distributed 20.488% of Valu’s share capital to its shareholders، as of the record date، June 12th، 2025، enabling EFG Holding shareholders to directly participate in the growth of one of Egypt’s fastest growing fintech platforms. On its debut، Amazon acquired shares representing a 3.95% direct shareholding in Valu for a price per share of EGP 6.041 and the share price witnessed a remarkably positive performance closing at EGP7.4 per share. EFG Finance Holding (EFG Finance)، a subsidiary of EFG Holding، will continue to own 67% of Valu post trading and sale of shares to Amazon.
Maged El Ayouti، Co-Head of Investment Banking at EFG Hermes، remarked، “Valu’s successful debut on the Egyptian Exchange coupled with an investment by global technology heavyweight، Amazon، in Valu is a proud and defining milestone for EFG Hermes. As one of the most recognized and trusted household fintech brands in Egypt، Valu has built a loyal customer base and a resilient، scalable platform for sustainable growth. We are confident in Valu’s ability to continue delivering exceptional value to customers and shareholders alike and in Valu having a successful journey as a leading listed company on the Egyptian Exchange. We believe this landmark transaction shall serve as a positive catalyst for the revival of activity on the stock exchange.”
Valu’s successful listing and debut on the EGX marks not only a milestone for Egypt’s fintech sector but also a testament to EFG Hermes’ leadership in driving innovation and unlocking value in the region’s capital markets. As the investment bank behind this landmark transaction، EFG Hermes continues to play a pivotal role in bringing dynamic، high-growth companies like Valu to the public market. Valu’s scalable، customer-centric business model and focus on financial inclusion underscore EFG Hermes’ commitment to advancing transformative ventures that shape the future of Egypt’s financial ecosystem.
EFG Hermes acted as the sole financial advisor for EFG Holding and Valu in the listing and the transaction with Amazon.
طهران تقدم شكرها للمرجعية الدينية وشعب العراق وقواه السياسية على مساندة الشعب الإيراني