China Auto Rental Seeking NYSE Debut

(Beijing) – China Auto Rental Ltd. (CAR), a Beijing-based auto rental company, submitted an initial public offering application to the U.S. Securities and Exchange Commission on January 19.

CAR said it plans to raise US$ 300 million on the New York stock exchange, to pay down debt and purchase inventory.

The company said it currently services 920,000 members per year and has 520 rental offices in 66 cities across China.