China-based car rental company eHi Car Service is planning to raise up to $100m in an initial public offering on the New York Stock Exchange, as detailed in an SEC filing.
EHi is a car rental service which operates in 90 Chinese cities, operating a fleet of more than 15,000 vehicles. It raised $100m in December from online travel firm Ctrip.com, Qiming Venture Partners, Ignition Partners, Goldman Sachs, Jafco and CDH Ventures.
The principle shareholders are Ctrip, which owns a 23% stake, Enterprise Holdings which holds 21% of eHi, CDH (12.9%), Qiming (11.9%), Goldman Sachs (10.7%) and Ignition Capital (9.1%).
The company has raised about $265m in total equity funding, according to media reports. It plans to use the proceeds from the offering to expand its fleet and service network.
Another China-based car rental service, China Auto Rental, recently filed for a $467m IPO in Hong Kong.
JP Morgan Securities, Goldman Sachs and Deutsche Bank are the joint bookrunning managers for the offering.