Theeb Rent a Car’s retail offering 3,385% oversubscribed, receives SAR 1.7 bln orders

Logo of Theeb Rent a Car

Theeb Rent a Car Co.’s retail offering was 3,385.37% oversubscribed, according to Saudi Fransi Capital, the offering’s lead manager, lead bookrunner, and underwriter.

A total of 414,588 individual investors injected SAR 1.746 billion to buy shares at SAR 40 each.

The company allocated 1.29 million shares, or 10% of its share capital, for retail investors. It also allocated 11.61 million shares, or 90% of its share capital for institutions, subject to a scale-back to 90%.

Final allocations and refunds (if any) will be processed no later than March 29.

The retail offering ran for one day only on March 21. In case of oversubscription, the shares offered to institutional investors can be cut to 11.6 million, or 90% of the offering size, Argaam reported.

Theeb successfully completed the book-building process for institutional investors and set the final offer price at SAR 40 per share, with a coverage ratio amounting to 6,010% of the total offer shares.

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