Business Maverick

International Finance

Hertz Shareholders Raise $1.3 Billion in Nasdaq Listing

Cars on a Hertz car rental lot in Berkeley, California, U.S., on Wednesday, Oct. 27, 2021. Hertz Global Holdings Inc., fresh off a blockbuster order for 100,000 Teslas, reached an exclusive agreement to supply Uber drivers with electric vehicles and signed up Carvana Co. to dispose of rental cars it no longer wants.

Shareholders of Hertz Global Holdings Inc., a poster-child of the meme-stock frenzy, raised $1.3 billion after pricing an upsized Nasdaq listing.

The Estero, Florida-based car-rental company’s existing backers will sell 44.5 million shares at $29 apiece, according to a statement Monday. They had initially planned to sell 37.1 million shares at $25 to $29 each, an earlier filing with the U.S. Securities and Exchange Commission showed.

A darling of retail investors that are active on trading platforms such as Robinhood Markets Inc. and discussion forums like Reddit Inc., the company’s over-the-counter shares have jumped more than 20% since listing in July.

Hertz emerged from bankruptcy earlier this year after Knighthead Capital Management, Certares Management and Apollo Global Management Inc. bought the business. The group owns 42% of Hertz, the listing documents shows.

Proceeds from the so-called uplisting will be paid to selling shareholders including Cougar Capital and Oaktree Capital Management, the prospectus showed. Hertz will not receive any proceeds.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are advising the listing. Hertz plans for its shares to trade on the Nasdaq Global Select Market under the symbol HTZ.


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