Hertz Global Holdings Inc., the car-rental giant that became a darling of meme-stock traders after it filed for bankruptcy last year, opened down 9.5% in its first day of trading after raising $1.3 billion in an initial public offering, Bloomberg News reported. The Estero, Fla.-based car-rental company opened at $26.25 after pricing 44.5 million shares at $29 apiece Monday. The stock was trading at $27.71 at 12:20 p.m. in New York. Its backers increased the offering size after initially planning to sell 37.1 million shares at $25 to $29, according to filings with the U.S. Securities and Exchange Commission. The debut marks a striking turnaround around for Hertz, which traces its roots to 1918 and today has thousands of locations around the world under the Hertz, Dollar and Thrifty brands. The company was forced to file for bankruptcy in early 2020, after the COVID-19 pandemic sapped demand for rentals. It emerged from chapter 11 about five months ago under the ownership of a group that includes Knighthead Capital Management, Certares Management and Apollo Global Management Inc. Read more.
Did you miss the ABI Strategies and Perspectives presentation "Anatomy of the Hertz Chapter 11" featuring the key practitioners in the Hertz restructuring? Watch a replay here.