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.