Chinese auto rental company eHi Car Services has postponed its IPO, Coins2Day 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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