EFG Hermes and Saudi Fransi Capital (SFC) have successfully acted as joint bookrunners and brokers to growth opportunities company for trading, completing the sale of its entire stake in Theeb Rent a Car, through an accelerated equity offering (the transaction).
The total number of shares offered and sold were 9,030,000 shares, representing 21 per cent of Theeb Rent a Car’s outstanding shares.
Salam AlKhunaizi, CEO of SFC, said: “We are pleased today to announce the successful and smooth execution of this landmark Transaction, which showcases the joint bookrunners’ capabilities to execute large equity transactions at attractive terms and in a timely manner. The deal also showcases the viability of accelerated bookbuildings as a reliable exit mechanism for institutional investors wishing to re-allocate wealth in today’s evolving equity capital markets. We thank all stakeholders involved for their support in this transaction”
The stake was offered to a group of institutional investors, and was ultimately executed through 19 block trades at a price per share of SAR 53, corresponding to a transaction value of SAR 478,590,000.
Post the completion of the sale, Theeb’s freefloat shares as percentage of outstanding shares has increased to 63.45 per cent, with the remaining 36.55 per cent being held by other substantial shareholders.
Mohamed Fahmi, EFG Hermes’ co-head of Investment Banking, said: “We’re honoured to continue our journey with Theeb Rent a Car and its shareholders, after having assisted the company list via IPO earlier in 2021. This transaction highlights not only the strengths of the company, but of the Saudi equity capital markets as well.”
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