China Auto Rental, which operates the largest car rental service in China, announced terms for its IPO on Tuesday. The Beijing, China-based company plans to raise $127 million by offering 11.0 million ADRs at a price range of $10.50 to $12.50. At the mid-point of the proposed range, China Auto Rental will command a market value of $847 million. China Auto Rental, which was founded in 2007 and booked $123 million in sales for the 12 months ended 12/31/2011, plans to list on the NASDAQ under the symbol CARH. Morgan Stanley, J.P. Morgan and BofA Merrill Lynch are the lead underwriters on the deal.
