Private equity firm Warburg Pincus pared down its stake in Car Inc and raised $401 million Wednesday night in Hong Kong after pricing shares toward the middle of the initial range.
The private equity firm, which was a cornerstone investor in Car Inc's autumn initial public offering and an investor since 2012, sought to take advantage of surging stock markets and strong share price performance in Hong Kong to cash in on sharp gains. Year-to-date, Car Inc is up 89.8%, and since its September flotation, shares have jumped 132.7%.
The mainland car rental company backed by...
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