Hertz Corp. to raise up to $100 million in an IPO

Hertz Corp. to raise up to $100 million in an IPO

Ford’s car rental unit Hertz Corp. has filed with the federal securities regulators in order to raise around USD 100 million through an initial public offering. It goes along their decision taken a couple of months ago to plan a long-term strategic scenario for this particular unit.

The company has been struggling to find its position on the top levels in the United States due to pressure from Japanese companies like Toyota. They also plan to divest its remaining ownership interest in the Park Ridge.

Hertz would soon apply to get listed on the New York Stock Exchange under the ticker HTZ. However, the company is yet to disclose the details about this upcoming IPO including information about the prices and the number of shares. J.P. Morgan, Citigroup Global Markets, and Goldman, Sachs & Co. are involved in the joint book running managing this IPO.

Hertz is currently a fully owned subsidiary of the US Auto Maker after it purchased all the shares in the company in 2001. The news gave the stocks of Ford a minor 1.8% boost in the market.