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EFG Hermes and Saudi Fransi Capital execute accelerated bookbuilding exercise to sell 21% of Theeb Rent a Car stake


Mohamed Fahmi, co-head of the investment bank of EFG Hermes
Image Credit: Provided

EFG Hermes and Saudi Fransi Capital (SFC) successfully acted as joint bookkeepers and brokers of Growth Opportunities Company for Trading, finalizing the sale of its entire stake in Theeb Rent a Car, through an accelerated capital offer (the Operation).

The total number of shares offered and sold was 9,030,000 shares, representing 21% of the outstanding shares of Theeb Rent a Car. 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 trade value of SAR 478,590,000.

After the sale was completed, Theeb’s free float shares as a percentage of outstanding shares rose to 63.45%, with the remaining 36.55% held by other significant shareholders.

Salam AlKhunaizi, CEO of SFC, said: “After leading the successful IPO of Theeb in March of this year, we are pleased to announce today the successful and smooth execution of this landmark transaction, which Showcases the abilities of associate bookkeepers to execute large equity trades on attractive terms and on time. The deal also highlights the viability of fast track bookbuildings as a reliable exit mechanism for institutional investors wishing to reallocate wealth in today’s changing equity markets. We thank all stakeholders involved for their support in this Transaction.

Mohamed Fahmi, Co-Head of EFG Hermes Investment Banking, said: “We are honored to continue our adventure with Theeb Rent a Car and its shareholders, having assisted the list of companies through the IPO earlier in 2021. This transaction highlights not only the strengths of the company, but also the Saudi capital markets.

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