Hertz Global raised $ 1.3 billion
After upgrading the price of the Nasdaq listing, Hertz Global Holdings Inc. shareholders raised $ 1.3 billion.
On Monday, the firm announced that its current sponsors will sell 45.5 million shares at a price of $ 29 each. Originally, 37.1 million shares were to be sold at a price of $ 25-29 a share.
The company’s shares jumped more than 20%
Since its IPO in July, retail investors active on trading platforms like Robinhood Markets Inc. and discussion forums like Reddit Inc. have boosted Hertz’s stock price by 20%.
Hertz emerged from bankruptcy earlier this year after being purchased by Knighthead Capital Management, Certares Management, and Apollo Global Management Inc. The consortium owns 42 percent of Hertz, according to the listing filings.
“The revenues from the so-called IPO will go to selling shareholders Cougar Capital and Oaktree Capital Management, among others.” “Hertz will not be paid,” the prospectus states.
Listing is recommended by Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley. Hertz intends to trade under the name HTZ on the Nasdaq Global Market.