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Theeb Rent-a-Car to go public the good-old IPO wayMENA

Theeb Rent-a-Car to go public the good-old IPO way

Who would think that an initial public offering would feel like a breath of fresh air? Here we are, among the SPAC frenzy, watching Saudi Arabia’s Theeb Rent-a-Car gear up for a good old-fashioned stock market listing.

The Riyadh-based company is planning to float 30% of its share capital on the Saudi Stock Exchange through an IPO later this month. Theeb said the move is part of a larger growth strategy to invest in new branches and fund new projects. At the moment, the company offers both short and long-term rental services across nearly 50 outlets across the Kindgom.

why it matters
The rental car industry virtually came to a halt when COVID-19 hit, but it now has the potential to expand again as people look for affordable alternatives to shared/ public transportation. Morever, with Saudi investing heavily in its tourism segment recently, Theeb is undoubtedly getting ready for an anticipated uptick in demand for rentals, you know... once borders open up again and all.