China Auto Rental Files for Public Offering in NYSE

According to China Daily, China Auto Rental Inc. has filed for an initial public offering on the New York Stock Exchange.

The car rental company, which said it plans to raise $300 million to repay debts to buy new fleet vehicles, is considered the largest in the country because it offers car rentals in each province and region. Since starting in 2007, China Auto Rental has grown a fleet to 26,000 and said it hopes to take this number up to 100,000 in 2015.

According to data from the consulting firm Roland Berger Strategy Consultants, the car rental industry in China has grown about 30% every year since 2005.

For the full article from China Daily, click on the URL:

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