Saudi car rental firm Theeb announces final IPO price

Saudi car rental firm Theeb announces final IPO price

Riyadh-based Theeb Rent-a-Car has confirmed a final offer price of SAR 40 ($10.67) for its IPO, with a maximum of 10 percent of shares to go to individual subscribers.In an announcement to the Saudi Stock Exchange (Tadawul), the company's financial advisor Saudi Fransi Capital said the final offer price was SAR 40 with a coverage ratio amounting to 6010 percent of the total shares.The statement said that on completion of the book-building stage, a maximum of 1.29 million ordinary shares, or 10 percent of total shares offered, will be allocated to individual subscribers.Earlier this month, Theeb announced that it will list 30 percent of its shares in an IPO.The subscription period for shares will be on Sunday (March 21) for one business day, with final allocation to be announced on March 29.The company operates 48 car rental outlets across the kingdom and plans to grow by opening new branches.(Writing by Imogen Lillywhite; editing by Seban Scaria)([email protected])Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.© ZAWYA 2021