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Theeb Rent a Car’s retail offering 3,385% oversubscribed; SAR 1.7bn in orders

Theeb Rent a Car’s retail offering 3,385% oversubscribed; SAR 1.7bn in orders
A total of 1.29 million shares was allocated for retail investors

Riyadh – Mubasher: Retail investors have submitted orders worth SAR 1.746 billion to purchase 1.29 million shares of Theeb Rent a Car Co at SAR 40 per share, the financial advisor Saudi Fransi Capital announced.  

The retail offering has been oversubscribed by 3,385.37%, the lead manager, lead bookrunner, and underwriter added in a statement.

A total of 1.29 million shares, or 10% of the company’s share capital, was allocated for retail investors, while 11.61 million shares, or 90% of its share capital, was allocated for institutions.

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