The Clap
Seera (1810) applied for approval from the Capital Market Authority to offer a stake in its subsidiary Lumi Rental in an IPO on the Saudi Tadawul.
What
The submission of the application came after its shareholders agreed to disentangle Lumi from the group.
So What
The Gulf region, led by the financial markets in KSA and UAE, saw a boom in IPOs this year, which generated revenues of $20bn, the equivalent to almost half of the revenues of Europe, the Middle East, and Africa combined.
Now What
Seera is looking to offer 16.5 million ordinary shares, representing a 30% stake in Lumi Rental.