Car House Holding files for Nasdaq listing
Car House Holding, which operates an online marketplace of automotive products in China, has filed for an initial public offering on the United States stock market.
The company plans to list on the Nasdaq under the symbol “CARH,” with an expectation to raise about US$37 million, according to its prospectus filed with the US Securities and Exchange Commission on Friday.
Founded in 2004, the company began its business in developing, manufacturing, and selling auto perfume and air fresheners. Currently, it also operates an online business-to-business mar ketplace of automotive products focusing on serving wholesale and retail customers in China.
The company intends to use the net proceeds of this offering primarily for enhancing data analysis and operational capacity of its e-commerce platform, and upgrading facilities.
Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
As of Thursday, the S&P US Listed China 50 index, designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, stood at 3,702.64, marking a 5.07 percent gain for the month-to-date returns and a 16.9 percent increase for the year-to-date returns.