Saudi Arabia’s Theeb Rent-a-Car to raise $137.6m in IPO

Established in 1991 in the Saudi capital, the company has a wide presence in the Kingdom through its 48 branches. (Supplied)

• The shares offered are expected to reach a gross amount of SR516 million

DUBAI: Theeb Rent-a-Car, the Riyadh-based vehicle rental company, will start trading on the Saudi stock exchange on Monday.
The shares offered are expected to reach a gross amount of SR516 million ($137.6 million), with each share valued at SR40, the company said in a Tadawul filing.
It earlier announced it was selling 12.9 million shares, representing 30 percent of its share capital.
The hire company reported a net profit of SR41.9 million for the first nine months of 2020, an increase of 8 percent on the same period in 2019.
Short-term leasing accounted for 44.8 percent of revenue, followed by long-term leasing (30.2 percent) and used car sales (25 percent).
Established in 1991 in the Saudi capital, the company has a wide presence in the Kingdom through its 48 branches, including in domestic and international airports. It has a fleet of around 19,000 rental cars, according to its website.