Nov. 23, 2010 (China Knowledge) - Lentuo International Inc, a Beijing-based automobile retailer, on Nov. 18 submitted an application to the U.S. Securities and Exchange Commission for an initial public offering in New York under the symbol <LAS> to raise around US$115 million.
Cowen & Co and HSBC Corp have been assigned as lead underwriters on the deal, for which pricing terms and timing have yet been disclosed.
Last year, Lentuo International earned US$345 million in sales.
A report released by the China Automobile Dealer Association showed that Lentuo International is the largest private automobile retailer in Beijing based on new vehicle sales revenues in 2009.
According to the company's website, Lentuo International, which was established in 1994, is engaged in serving, selling, repairing and leasing autos, including second-hand cars.
At present, the company also has dealerships to sell vehicles under various brands, such as Volkswagen, Audi, Toyota and Mazda.