Hertz (HTZ) Files $1 Billion IPO
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On Friday, Hertz Global Holdings (NYSE: HTZ) filed a registration statement with the SEC for an initial public offering of its common stock. The proposed maximum aggregate offering price is $1 billion. No terms of the offering have been set yet. The company intends to apply to list their common stock on the New York Stock Exchange under the symbol "HTZ".
The offering is being made through an underwriting syndicate including Goldman Sachs, Lehman Brothers, Merrill Lynch, Deutsche Bank and JPMorgan.
Based on revenues, Hertz owns the largest worldwide general use car rental brand and the third largest equipment rental business in the United States. The company is an independent licensees and associates accept reservations for car rentals at approximately 7,600 locations in approximately 145 countries, and is the only car rental company that has an extensive network of company-operated rental locations both in the United States and in all major European markets.
Hertz's revenues have grown at a compound annual growth rate of 7.6% over the last 20 years, with year-over-year growth in 18 of those 20 years. For the year ended December 31, 2005, the company generated consolidated revenues of $7,469.2 million and operating income of $1,041.7 million.
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