Shanghai-based eHi Auto Services, a Chinese auto rental and chauffeuring company, has filed for a U.S. initial public offering (IPO) and has applied to list its shares on the New York Stock Exchange, according to a Bloomberg report.
eHi filed a $100 million placeholder amount, but the company and its selling shareholders plan to raise closer to $200 million in an IPO, says the report.
The company plans to use the IPO earnings to expand its fleet and service networks, says the report. Dongfeng Asset Management Co. and Kunyu Capital Ltd. have both agreed to buy shares, according to the IPO filing.
eHi Auto Services has over 700 service locations in more than 90 Chinese cities.
Click here to read the full Bloomberg report: http://www.bloomberg.com/news/2014-10-03/chinese-car-rental-company-ehi-files-for-u-s-ipo.html
This is the second Chinese car rental company that has recently launched an initial public offering (IPO).