Chinese car rental firm eHi to seek US IPO
Following Alibaba’s successful float in the US, fast growing Chinese car rental firm eHi Car Services is following close behind, and has filed an initial public offering bid with the US Securities and Exchange Commission.
The firm, which operates in over 90 cities with a 15,000 fleet of vehicles is looking to raise as much as $200 million.
Its rapid expansion has been built on the back of several funding rounds with key investors including Goldman Sachs and global car rental firm Enterprise Holdings.
Last year eHi also received $100 million in investment from China’s largest online travel agency Ctrip, for a 23% stake.
According to documents filed in support of the IPO, eHi recorded a 50% jump in net revenue in the first half of 2014 to $63 million.
Its business model is primarily e-commerce with over 30% of eHi customers booking via mobile devices, and 55% booking online.
The company has not yet released details on pricing for the proposed IPO.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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