Shares of Lumi Rental Company rose 30% above their listing price to close at 85.8 riyals ($22.87) on its debut on the Saudi Exchange (Tadawul) on Monday.

Over 1.75 million shares in 12,416 trades valued at SAR 150.52 million.

The stock will be trading at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively.

The daily price fluctuation limits will revert to +/-10% on the fourth day, with the static price fluctuation limit no longer applying.

Lumi, a subsidiary of Saudi-listed Seera Group Holding, raised $290 million in an initial public offering (IPO).

The IPO was set at 66 riyals per share at the top of its indicative price range.

(Editing by Seban Scaria )