Theeb Rent a Car starts IPO book-building process today

Logo of Theeb Rent a Car

Theeb Rent a Car will set the initial public offering (IPO) price range and start the book-building process for the institutional investors as of today, March 7, 2021, according to Saudi Fransi Capital, the offering’s lead manager, lead bookrunner, and underwriter.

The book-building process will run until March 15, 2021.

EFG-Hermes KSA is the institutional bookrunner.

Investors are entitled to subscribe to 100,000 ordinary shares minimum and around 2.15 million shares maximum.

The IPO price range has been set between SAR 35 and SAR 40 per share. The final price announcement will be made on March 16, according to offering timeline.  

Up to 10% of the offering size or 1.29 million shares will be allocated to the retail investors.

The retail offering will run as of March 21, 2021, only for one day. In case of oversubscription, the shares offered to institutional investors can be cut to 11.6 million, or 90% of the offering size.

In September, the Capital Market Authority (CMA) approved the listing of a 30% stake, or 12.9 million shares, of Theeb.

Theeb Rent a Car, which commenced operations in 1991, has 44 branches across the Kingdom with a fleet size of more than 19,000 vehicles.

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