Hertz Global Holdings, which provides vehicle rental services, raised $1.3 billion by offering 44.5 million shares (100% secondary), at $29, the high end of the range of $25 to $29. The selling shareholders sold 7.4 million more shares than anticipated, and the company expects to repurchase $300 million worth of shares in the offering from the underwriters.
Hertz has been listed on the OTC (HTZZ) since June, and after rallying nearly 100% over the past two months, closed on Monday at $32.62 per share.
Hertz operates a vehicle rental business globally primarily through the Hertz, Dollar, and Thrifty brands from company-owned, licensee, and franchisee locations in the US, Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East, and New Zealand. The company also sells vehicles through Hertz Car Sales and operates the Firefly vehicle rental brand and the Hertz 24/7 car sharing business in international markets. In May 2020, Hertz filed voluntary petitions for relief under Chapter 11, and emerged from bankruptcy this past June.
Hertz Global Holdings plans to list on the Nasdaq under the symbol HTZ. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, and Deutsche Bank acted as joint bookrunners on the deal.
