China Auto Rental, which operates the largest car rental service in China, withdrew its plans for an initial public offering on Thursday. The Beijing-based company had postponed its $127 million IPO on April 24. China Auto Rental has 26,000 cars in its fleet and saw revenue surge 443% to $123 million in 2011. Morgan Stanley, J.P. Morgan and BofA Merrill Lynch were set to be the joint bookrunners on the deal.
