Pulled IPO

China Auto Rental cancels US IPO

China's biggest auto rental company was seeking to raise up to $137.5 million from a listing on Nasdaq, but fails to attract sufficient demand from investors.
<div style="text-align: left;"> China's biggest car rental company failed to attract interest in its IPO (Imaginechina) </div>
<div style="text-align: left;"> China's biggest car rental company failed to attract interest in its IPO (Imaginechina) </div>
April 25, 2012

China Auto Rental yesterday morning cancelled its initial public offering on Nasdaq after failing to attract sufficient demand from investors. The company was scheduled to price the deal yesterday following a two-week roadshow and was set to start trading last night, making it only the second Chinese company to list in the US this year.

The IPO was seeking to raise between $115.5 million and $137.5 million.

According to sources, investors were interested in the company, which runs the largest car rental business in China, but not at the price on offer. The gap between what investors wanted to pay and what the company was willing to...

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