EHi Car sputters across the finish line

Chinese car rental and services provider finally prices its IPO at the bottom end of its indicative range.

Shanghai-based EHi Car Service finally priced its initial public offering at Asia's close on Tuesday at the bottom end of its indicative range. The group raised $170 million pre-shoe via a Goldman Sachs- and JP Morgan-led offering.

This comprised a combined institutional and retail tranche, plus a concurrent private placement to three Chinese investors, which raised $50 million. The three numbered Dongfeng Asset Management, China Universal Asset Management and Ctrip.

About 50 investors participated in the deal after the majority of the original book pulled out following the publication of a FWP Free Writing Prospectus last Thursday, the day the deal was originally scheduled to price. This...

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