Hertz falls short of forecasted IPO

Hertz Global Holdings, the world’s largest car rental company and third ranked North American equipment rental company, raised $1.32 billion in November with an offering of 88 million shares that sold for $15 per share. Although this was one of the largest public offerings of 2006, the price fell short of the forecasted goal of $16 to $18 per share.

The company now has an initial market value of approximately $4.8 billion, following the offering. Hertz says the IPO proceeds will be used to repay debt and for general corporate purposes.