Riyadh, Saudi Arabia, 25 September 2023G: Lumi Rental Company (“Lumi” or the “Company”), one of the leading car rental and leasing companies in the Kingdom of Saudi Arabia (the “Kingdom”), has commenced trading on the Main Market of the Saudi Exchange (“Tadawul”) today, following the successful completion of its Initial Public Offering (the “IPO” or the “Offering”). Lumi trades under ticker symbol 4262.

Raising gross proceeds of SAR 1.09 billion, the IPO received exceptionally strong support from both institutional and retail investors. The institutional book-building process was 94.5x oversubscribed and generated an order book of approximately SAR 102.9 billion, while the retail subscription process attracted total demand of approximately SAR 1.25 billion with oversubscription of 11.5x. The Offering priced at the top of its range with a Final Offer Price of SAR 66 per share, implying a market capitalization for the Company of SAR 3.63 billion at the time of listing.

Engineer Mohammed Bin Saleh Al-Khalil, Chairman of Lumi, commented: “Our IPO marks a key milestone in our accelerating journey and another important step in cementing our position as one of the leading market players in the Kingdom, positioned for growth in the land mobility sector. We are pleased to welcome new shareholders to participate in our story, as we remain committed to investing in our future and building on our strong track record to reshape the evolving landscape of our industry.”

Syed Azfar Shakeel, Chief Executive Officer of Lumi, commented: “The very strong retail and institutional demand for our IPO reflects our position as a key player experiencing rapid growth in a sector that is benefitting from powerful macroeconomic and structural tailwinds. As a listed company, we look forward to building on our value creation strategy to drive expansion and growth while generating long-term value for our shareholders. We have every confidence in our ability to deliver on our promises to them.”

Mohammed Sulaiman Al-Rumaih, Chief Executive Officer of Saudi Exchange, commented: “ Our IPO pipeline remains strong as we welcome Lumi Rental Company to the Saudi Exchange’s Main Market. Today’s listing is a reflection of the Kingdom’s growth in the transportation industry. The addition of Lumi to the market offers investors an opportunity to further diversify their portfolio and participate in the development of this dynamic industry. We would like to congratulate the entire Lumi team on this occasion, and we look forward to their growth journey.”

Lumi is 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.

The Company has a track record of strong financial results, with very healthy momentum in the first half of 2023G, reporting revenue of SAR 500 million, increasing by 48.6% year-on-year. First-half  EBITDA of SAR 271.7 million, with an EBITDA margin of 54.3%, grew by 28.8% on the previous year, while net income increased by 38.8% to SAR 100.0 million with a net income margin of 20.0%.

Lumi is committed to its transformative growth journey and its objectives for future shareholder value creation, as supported by its three-pillar growth strategy. The strategy is based on building a pipeline of future revenue and asset growth through vehicle lease contracts with Corporate and Government clients, achieving scale, adding to growth of operations and profitability as a car rental business and fleet disposal at maximised purchase price recovery.

The prospectus for the Offering can be found on the CMA website ( and on the Company’s dedicated IPO website

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