Hertz is going public again. The rental car company, which filed for bankruptcy early in the pandemic and emerged on June 30, has filed paperwork with the Securities and Exchange Commission for an initial public offering.
The rental car company, which filed for bankruptcy early in the pandemic and emerged on June 30, has filed paperwork with the Securities and Exchange Commission for an initial public offering. The company signaled its plans for the IPO in August when it reported second quarter financial results, including revenue that was nearly back to pre-pandemic levels and an operating profit stronger than before the pandemic. It also had a net loss of $168 million brought about by $633 million of reorganization expenses. The company is benefiting from a shortage of rental cars that is boosting rates incredibly high by historical standards. When the pandemic brought air travel to a near halt, rental car companies had far more cars on hand than they needed, so much so that they were forced to rent space in the parking lots of deserted sports stadiums to park their fleets.
