CHINA CAR SERVICE EHI SAID TO HIRE GOLDMAN, BARCLAYS FOR IPO
February 07, 2012, 10:40 PM EST
By Fox Hu and Zijing Wu
(Updates with China rental foresee in third paragraph.)
Feb. 8 (Bloomberg) — EHi Car Rental, a vehicle-sharing network in China part-owned by Goldman Sachs Group Inc., hired Deutsche Bank AG and Barclays Plc for the U.S. primary open offering, pronounced two people with believe of the plan.
The company, based in Shanghai, also chose Goldman Sachs to work on the IPO, which may lift $150 million, pronounced the people, who declined to be identified as the routine is private. The sale could occur as early as this year, they said.
Car rental use providers like Ehi and China Auto Rental Inc. are looking income to deposit on expanding their fleets and operation to cover more areas in the country. China’s rental automobile market is approaching to rise by about twenty-five percent annually by 2015, according to estimates on the website of Roland Berger AG, a management consulting firm.
China Auto Rental, the country’s largest, pronounced final month it’s looking as most as $300 million in a U.S. primary open offering. Rising direct from companies and people for rental cars has lured investors together with Goldman and Lenovo Holdings Ltd., which paid for a interest in China Auto Rental in 2010.
EHi, founded in 2006, serves more than 50 Chinese cities, permitting people to drive themselves or lease chauffeured vehicles, according to the website. The company compares itself on the site to Zipcar Inc., the U.S. car-sharing use that finished an IPO final year. Zipcar, based in Cambridge, Massachusetts, has forsaken fourteen percent to $15.50 a share as of yesterday in New York trading, from the $18 a share IPO price.
Goldman Sachs, based in New York, concluded in Aug 2010 to lead an investment of $70 million in EHi, to one side Qiming Venture Partners, CDH Ventures, Ignition Capital, JAFCO Middle East and New Access Capital, according to a matter from EHi then.
EHi’s orator in Shanghai didn’t rught away lapse a call looking comment. Spokesmen for Goldman Sachs, Deutsche Bank and Barclays declined to comment.
–With benefit from Lee Spears in New York and Tian Ying in Beijing. Editors: Julie Alnwick, James Callan
To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net; Fox Hu in Hong Kong at fhu7@bloomberg.net
To contact the editors obliged for this story: Jacqueline Simmons at jackiem@bloomberg.net; Philip Lagerkranser at lagerkranser@bloomberg.net
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February 07, 2012, 10:40 PM EST
By Fox Hu and Zijing Wu
(Updates with China rental foresee in third paragraph.)
Feb. 8 (Bloomberg) — EHi Car Rental, a vehicle-sharing network in China part-owned by Goldman Sachs Group Inc., hired Deutsche Bank AG and Barclays Plc for the U.S. primary open offering, pronounced two people with believe of the plan.
The company, based in Shanghai, also chose Goldman Sachs to work on the IPO, which may lift $150 million, pronounced the people, who declined to be identified as the routine is private. The sale could occur as early as this year, they said.
Car rental use providers like Ehi and China Auto Rental Inc. are looking income to deposit on expanding their fleets and operation to cover more areas in the country. China’s rental automobile market is approaching to rise by about twenty-five percent annually by 2015, according to estimates on the website of Roland Berger AG, a management consulting firm.
China Auto Rental, the country’s largest, pronounced final month it’s looking as most as $300 million in a U.S. primary open offering. Rising direct from companies and people for rental cars has lured investors together with Goldman and Lenovo Holdings Ltd., which paid for a interest in China Auto Rental in 2010.
EHi, founded in 2006, serves more than 50 Chinese cities, permitting people to drive themselves or lease chauffeured vehicles, according to the website. The company compares itself on the site to Zipcar Inc., the U.S. car-sharing use that finished an IPO final year. Zipcar, based in Cambridge, Massachusetts, has forsaken fourteen percent to $15.50 a share as of yesterday in New York trading, from the $18 a share IPO price.
Goldman Sachs, based in New York, concluded in Aug 2010 to lead an investment of $70 million in EHi, to one side Qiming Venture Partners, CDH Ventures, Ignition Capital, JAFCO Middle East and New Access Capital, according to a matter from EHi then.
EHi’s orator in Shanghai didn’t rught away lapse a call looking comment. Spokesmen for Goldman Sachs, Deutsche Bank and Barclays declined to comment.
–With benefit from Lee Spears in New York and Tian Ying in Beijing. Editors: Julie Alnwick, James Callan
To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net; Fox Hu in Hong Kong at fhu7@bloomberg.net
To contact the editors obliged for this story: Jacqueline Simmons at jackiem@bloomberg.net; Philip Lagerkranser at lagerkranser@bloomberg.net
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