Shares of Lumi soared as much as 30% on Monday at the Saudi Arabian auto rental firm debuted on the Riyadh stock exchange in a 1.09 billion riyal ($290 million) initial public offering.
A unit of Saudi travel company Seera, Lumi listed 30% of its shares on the Saudi Tadawul exchange at an initial price of 66 riyals, at the top of their range. Prices shortly after rose to 85.8 riyals per share.
According to its initial public offering prospectus, Lumi is the third-largest car rental provider in the Saudi kingdom, capturing an estimated local market share of 7% in 2021.
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