China Auto Rental plans $300 Million IPO in U.S.
China Auto Rental Inc., the nation's largest car rental company, said it's seeking as much as $300 million (1.9 billion yuan) in an initial public offering.
The company plans to offer American depositary shares on the New York Stock Exchange under the symbol "CARH," it said in a filing with the Securities and Exchange Commission.
The company did not provide further details on the terms of the offer. JPMorgan Chase & Co. is arranging the sale.
The IPO filing comes a month after Chinese luxury-car dealer Baoxin Auto Group Ltd. raised more than $400 million in an offering in Hong Kong.
Sales at the Beijing-based rental company, which has a fleet of 26,000 vehicles across 66 cities in China, jumped almost eightfold to 489 million yuan during the first nine months of 2011, according to the filing. Losses still widened to 118 million yuan, according to the filing.
