{"id":65670,"date":"2023-09-26T13:12:29","date_gmt":"2023-09-26T17:12:29","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/lumi-rental-co-shares-surge-30-in-trading-debut-following-290-million-ipo\/"},"modified":"2023-09-26T13:12:31","modified_gmt":"2023-09-26T17:12:31","slug":"lumi-rental-co-shares-surge-30-in-trading-debut-following-290-million-ipo","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65670","title":{"rendered":"Lumi Rental Co. shares surge 30% in trading debut following $290 million IPO"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Saudi Arabian car rental service, Lumi Rental Co., witnessed a significant uptick in its share price during its trading debut on Monday, with an impressive 30% surge following a $290 million initial public offering (IPO). The company’s shares opened at 72.6 riyals per share, marking a notable increase from the initial offer price of 66 riyals per share. The stock price eventually hit its maximum limit of 85.8 riyals per share.<\/p>\n

The company’s IPO attracted over $27 billion in bids from both institutional and retail investors, leading to the segment set aside for funds being oversubscribed by almost 95 times. This robust debut is seen as a positive indicator for other companies planning to go public.<\/p>\n

Last week, oil drilling firm ADES Holding Co. priced its $1.2 billion IPO at the top end of the range due to an influx of $76.5 billion worth of orders from investors. On the same day as Lumi’s debut, SAL Saudi Logistics Services Co., a cargo firm, initiated books for its IPO valued at approximately $678 million.<\/p>\n

The successful listings of Ades and Lumi Rental have contributed to Saudi Arabia’s total IPO collection for the year, raising it to $2.41 billion. However, this figure is still 46% lower than last year’s tally, according to data compiled by Bloomberg. The first five months of the year saw a considerable slowdown in share sale activities in the kingdom due to a slump in the benchmark Tadawul index by about 28%. This drop was linked to declining oil prices and fears of a potential global economic downturn.<\/p>\n

However, recent production cuts implemented by Saudi Arabia and Russia have tightened the oil market and pushed oil prices towards a 10-month high of $94 per barrel. This has led to a rebound in the Tadawul index, which has recovered nearly 20% from its low in March through late July, despite some recent losses.<\/p>\n

The Saudi IPO market was reignited at the beginning of the summer by two companies, Jamjoom Pharmaceuticals Factory Co., a generic drug manufacturer, and First Milling Co., a flour milling firm. Both companies experienced strong investor demand and their shares continue to trade well above their offering prices. Specifically, Jamjoom Pharma’s shares have nearly doubled, while First Milling’s shares have risen by 20%.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Saudi Arabian car rental service, Lumi Rental Co., witnessed a significant uptick in its share price during its trading debut on Monday, with an impressive 30% surge following a $290 million initial public offering (IPO). The company’s shares opened at 72.6 riyals per share, marking a notable increase from the initial offer price […]<\/p>\n","protected":false},"author":1,"featured_media":2278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-65670","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLumi Rental Co. shares surge 30% in trading debut following $290 million IPO | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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