RIYADH, (Reuters) – UniTrans Budget Saudi Arabia, which says it is the Middle East’s largest car rental firm, plans to raise 285 million riyals ($76.1 million) by selling shares in an intial public offering next week.
The company will sell 5.49 million existing shares, or a 30 percent stake, at 52 riyals ($13.9) per share, lead manager National Commercial Bank (NCB) said on Sunday.
The price values the company, which operates under U.S.-based Avis Budget Group Inc.’s brand, at 951.6 million riyals.
The sale will open on June 23 and close on June 27.
“The price was fixed based on the levels of demand for the number of shares offered,” NCB said in a statement.
Between half and 70 percent of the shares on offer would be reserved for institutions with the rest going to retail investors, NCB said last week.
The institutional portion of the offer will fall to 50 percent if more than 164,700 individual investors apply for shares NCB said.
UniTrans started operations in 1978 and Chairman Abdulillah Zahid, said in December his firm had a fleet of more than 13,000 vehicles with 11 service centres.