Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Theeb Rent a Car Company on its SAR 516 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer. The company’s shares commenced trading on 29 March 2021.

The IPO comprised 12.9 million existing shares at SAR 40 per share, representing 30 per cent. of the company’s share capital.

Theeb’s business combines vehicle rental, longer-term leasing and the sale of used vehicles from its fleet. These activities link customer demand and utilisation to fleet procurement, funding, maintenance and eventual disposal.

Saudi IPO and automotive-sector experience

In addition to his work on Theeb Rent a Car’s IPO, Robert Vydra previously advised Saudi Automotive Services Company (SASCO) on its acquisition of Zaiti Petroleum Services Company, a petrol-station business. That mandate adds automotive-sector M&A experience to his issuer-side IPO work.

For a fleet-based issuer, investors need to understand how the business earns returns throughout a vehicle’s life. Rental income, leasing contracts and used-vehicle disposals should be explained together, alongside fleet procurement, funding, maintenance and customer segments. That operating picture provides the basis for meaningful material-contract and risk disclosure.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh. He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Considering an IPO for a vehicle rental or leasing business?

For advice on the offering structure, legal due diligence or prospectus disclosure for a Saudi mobility business, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326