Davis Polk & Wardwell, Skadden, Arps, Slate, Meagher & Flom, King & Wood Mallesons and Han Kun Law Offices scored leading roles on CAR Inc’s IPO on the Hong Kong Stock exchange.
The offering, which began trading on Sep. 19, raised $467 million for CAR, China’s largest auto rental company.
Davis Polk advised CAR on the transaction, while Han Kun Law Offices and Conyers Dill & Pearman provided advice on PRC and Cayman Islands law, respectively.
Skadden advised the joint bookrunners on the offering - Morgan Stanley Asia, Credit Suisse (Hong Kong), CICC Hong Kong and China Renaissance Securities (Hong Kong).
The team from Skadden was led by Hong Kong-based corporate partners Julie Gao, Christopher Betts and capital markets partner Will Cai.
King & Wood Mallesons advised the banks on PRC law.
The retail portion of the IPO was more than 200 times oversubscribed, which led to the underwriters exercising a clause to reallocate shares from institutional investors to individuals.
CAR said in a statement that it would use proceeds to add between 47,000 to 63,000 vehicles to its fleet and repay outstanding bank loans.
Analysts forecast the short-term, self-drive car rental market in China to reach $10.6 billion by 2018, nearly double 2013 levels.
