Car locks in $130m of cornerstone support

Five cornerstones secured, including shareholder Hertz, as the Chinese car rental company turns the gas on its planned $468 million Hong Kong IPO.

Car Inc has identified five cornerstone investors ahead of its planned $468 million Hong Kong initial public offering.

The base deal of Car, formerly known as China Auto Rental, will consist of 426.3 million shares, all primary, and represent between 18% and 20% of the enlarged share capital. An exercised greenshoe option will tack on an additional 64 million shares.

Following a week of roadshows, the Chinese car rental company set an indicative price range of HK$7.50 to HK$8.50 under the leads of Credit Suisse and Morgan Stanley. CICC is acting as a joint global coordinator. The deal is scheduled to price on September 12....

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