China-based car rental company eHi Car Services has raised US$120 million through an initial public offering (IPO) on the New York Stock Exchange. The company sold ten million shares at US$12 apiece, the bottom end of the indicative range. eHi Car Services is backed by private equity and venture capital firms CDH Investments, Qiming Venture Partners, Jafco Asia, New Access Capital, Ignition Partners and Goldman Sachs. None of the company’s private equity or venture capital backers exited via the offering. CDH originally invested US$20 million in 2009 alongside Qiming Venture Partners and Jafco Asia.