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eHi Car Services Ltd. filed an F-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $100 million. The company will trade on the New York Stock Exchange under the symbol EHIC. The underwriters for the offering are J.P. Morgan, Goldman Sachs and Deutsch Bank.

According to Frost & Sullivan, eHi Car Services is the leading car services provider and second car rentals provider in China in terms of market share by revenues in 2013. The company operates in 760 service locations in 90 cities across China.

From January 2012 to June 2014, the fleet size increased from 7,717 to 15,409, while eHi Car Services has generally maintained a car rental fleet utilization rate of more than 70% during the same period.

As of the end of June 2014, there were more than 550,000 registered members for car rentals and over 32,000 corporate clients for car services.

eHi Car Services utilizes mobile and Internet platforms to provide online to offline mobility solutions. In the six months ending in June 2014, car rental services that were derived from reservations were split, 52.8% were made through the company website of and 30.0% were made through mobile applications.

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In fiscal year 2013, total annual net revenues increased to $91.3 million (all dollar amounts were converted from renminbi), representing a growth rate of 25.8%. Total net revenues increased to $62.0 million for the six months ending in June, representing a growth rate of 47.5%. The company has incurred net losses of $24.5 million in fiscal year 2013 and $3.3 million in the six months ending in June.

The company plans to use the proceeds to expand its fleet, as well as expanding its service network.

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