Vanguard Files IPO

Vanguard Car Rental Group Inc., parent of the National Car Rental and Alamo Rent A Car brands, has registered for an initial public offering of up to $300 million in common stock, according to The Associated Press.

The company didn't disclose how many shares will be offered, nor did it provide an estimated price range in Wednesday's filing with the Securities and Exchange Commission, The Associated Press reports. The company said it has applied to list its common stock on the New York Stock Exchange under the symbol VCG.

Vanguard Car Rental said it intends to use the net proceeds from the IPO to pay off part of an $800 million loan and for general corporate purposes, according to the company.

For the three months ended March 31, the company posted net income of $10 million on revenue of $702 million, up from net income of $8.7 million and revenue of $656 million in the same period a year earlier.

Vanguard's plan for an IPO came after its rival, Hertz Inc., filed an IPO of $1 billion last month. Two underwriters of Vanguard's offering, Goldman Sachs & Co. and JPMorgan, are also listed as underwriters for Hertz's IPO.

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