Vanguard Car Rental Group, parent of the National Car Rental and Alamo Rent A Car brands, has filed for an initial public offering, the company announced Wednesday.
The number and price of shares has not yet been specified, but the offer could include up to $300 million in stock. Vanguard plans to use the proceeds to pay off part of an $800 million loan and for general corporate purposes, according to the company.
Vanguard's announcement follows Hertz Global Holdings' announcement last month of a $1 billion IPO
(BTN, July 31). Cendant Corp., parent of the Avis and Budget brands, also is spinning its car rental business off into its own company.