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CAR to raise US158 mln via NASDAQ IPO

Apr. 12, 2012 (China Knowledge) - China Auto Rental (CAR), a Chinese nationwide car rental service provider, plans to launch its initial public offering on the Nasdaq Stock Market to raise US$158 million.

According to the prospectus, the company will issue 11 million American Depositary Shares at a price of between US$10.5 and US$12.5.

Proceeds from the IPO will be used to repay loans and buy cars, said the issuer.

Upon the completion of the IPO, the car rental service provider's market capitalization would reach US$847 million.

JP Morgan Chase & Co, America Merrill Lynch and Investment bank Morgan Stanley have been hired as joint lead underwriter for the offering.

At the first nine month of last year, CAR saw its operation revenue reached RMB 489 million, over triple of it realized in the whole year of 2010. However it suffered a net loss of RMB 118 million in the first quarter of 2011, source reported.

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