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).
المصدر: بوابة الفجر
إقرأ أيضاً:
EFG Hermes Successfully Completes Advisory on USD 500 Million IPO of Specialized Medical Company on the Saudi Exchange
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 division successfully completed its advisory on the USD 500 million initial public offering (IPO) of Specialized Medical Company (SMC)، one of the leading healthcare providers in the Kingdom of Saudi Arabia، on the Main Market of the Saudi Exchange (Tadawul). This marks EFG Hermes’ third IPO in the healthcare space in the past 12 months، further reinforcing its position as a trusted advisor across the region’s most dynamic sectors.
The company began trading today under the ticker 4019.
Specialized Medical Company offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share، implying a market capitalization of SAR 6،250 million (USD 1،667 million). The orders recorded during the institutional book-building exceeded SAR 121.3 billion، representing a coverage of 64.7x.
Karim Meleka، Co-Head of Investment Banking at EFG Hermes، said، “We are proud to have advised on the IPO of Specialized Medical Company. Despite heightened geopolitical tensions in the region، the offering attracted overwhelming interest from a diverse base of local، regional، and international investors — a clear vote of confidence not only in SMC’s fundamentals but also in the resilience of Saudi Arabia’s capital markets and the strength of its macroeconomic outlook.”
SMC was founded in 1999 and is one of Riyadh’s leading multi-specialty private healthcare providers، with a 25-year track record of delivering high-quality، patient-centric medical care. The Company operates two state-of-the-art hospitals in Riyadh with a combined capacity of 578 inpatient beds and 266 outpatient clinics. SMC is strategically expanding into Northern Riyadh، where rapid urban development is creating strong demand for healthcare services. With three additional hospitals، it is expected to capture over 25% of private hospital capacity in the area، establishing a leading position in an underpenetrated region with limited existing healthcare infrastructure – one that is set to become Riyadh’s new urban hub. Once operational، the new facilities are expected to more than double the Company’s current capacity to approximately 1،276 beds and 770 outpatient clinics.
EFG Hermes acted as a Joint Financial Advisor، Joint Bookrunner، and Joint Underwriter on the transaction.
EFG Hermes has advised on six IPOs across the region year to date، including landmark transactions on Tadawul، the Abu Dhabi Securities Exchange، the Muscat Stock Exchange، and the Egyptian Exchange، underscoring its regional leadership in equity capital markets.
زيادة 5% فورًا من المرتب القادم.. الحكومة تزف بشرى سارة لملايين الموظفين