FinanceChina

Chinese auto rental giant delays U.S. IPO

By Dan Primack
China's car rental company eHi files for US IPO
--FILE--A pedestrian walks past an advertisement for Chinese car rental company eHi Car Service in Shanghai, China, 8 September 2013. Chinese car rental company eHi Car Services, which operates in more than 90 cities with a 15,000 plus fleet, filed on Saturday (4 October 2014) with the US Securities and Exchange Commission to raise up to 200 million US dollars in an initial public offering (IPO). eHi, which is expected to be listed on the New York Stock Exchange, the second listed Chinese car rental chain after CAR Inc. that was listed in Hong Kong on Sept. 19. eHi has been successfully in several private rounds of funding from investors such as Qiming Ventures, CDH Fund, Goldman Sachs and Enterprise Holdings, the largest car rental company in the world. In December 2013, eHi received a 100 million U.S. dollars investment from Ctrip, China's largest online travel agency.
Photograph by Weng Lei — Imaginechina/AP

Chinese auto rental company eHi Car Services has postponed its IPO, Fortune has learned.

The company had been expected to raise upwards of $140 million this week in the offering, and begin trading on the New York Stock Exchange under ticker symbol EHIC. Pricing originally was scheduled for Wednesday night, then pushed back to last night and now delayed until sometime next week.

eHi says that it is the second-largest car rental company in China, and largest provider of chauffeured car services (primarily to corporate and government clients). It reports a $3.3 million net loss on around $62 million of revenue for the first six months of 2014, and would have featured a $739 million market cap had it priced its IPO in the middle of its $12-$14 per share price range.

J.P. Morgan (JPM) and Goldman Sachs (Asia) (GS) are serving as lead underwriters on the offering. Shareholders include Ctrip (23% pre-IPO stake), CDH Venture Partners (12.9%), Qiming Venture Partners (11.9%), an affiliate of Goldman Sachs (10.7%) and Ignition Partners (9.1%).

A company spokesman has not yet responded to a request for comment on the delay. Seeking Alpha had reported earlier in the week that the offering was oversubscribed.

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