Warburg Pincus in China car hire play
Two months ago, China Auto Rental was preparing to list on NASDAQ. The car hire provider set a target of $138 million for what would be only the second IPO by a Chinese company in the US this year. The experiences of the first did not bode well: VC-backed online retailer Vipshop Holdings reduced the size of its offering by more than one quarter but the stock still fell sharply once it began trading.
China Auto Rental responded to poor investor sentiment by scaling back its IPO from an original $300 million, but ended up pulling the plug in late May, fearing that a weak offering would impair future...
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