Reuters: Regulatory News: UPDATE 1-China Auto Rental sees IPO priced at $10.50-$12.50/ADS

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UPDATE 1-China Auto Rental sees IPO priced at $10.50-$12.50/ADS Apr 10th 2012, 20:23 Tue Apr 10, 2012 4:23pm EDT April 10 (Reuters) - China Auto Rental Inc said it expects its initial public offering of 11 million American Depositary Shares to be priced at between $10.50 and $12.50 apiece. The Beijing-based car rental company, which boasts of a fleet of more than 10,000 in China's fast-growing car rental market, now expects the IPO to raise a maximum of $158.1 million, including overallotments. It had initially expected to raise up to $300 million and list on the New York Stock Exchange. In January, China Auto Rental became the first Chinese company to file for a U.S. listing since regulators changed the rules to ensure foreign issuers made public the first draft of their registration statements. The company, which has now applied to list the ADSs on the Nasdaq under the symbol "CARH," plans to use the proceeds from the offering mainly to expand its rental fleet. Morgan Stanley, J.P. Morgan and BofA Merrill Lynch are acting as joint book-running managers of the offering.

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