Tourists sit in a sightseeing car with an advertisement for eHi Car Services on Nanjing Road in Shanghai. Photo: IC

China's leading car rentals and services provider eHi Car Services Limited got listed on the New York Stock Exchange on Tuesday (US time).

The company announced that its IPO of 10 million American depositary shares (ADSs), each representing two Class A common shares of the company, was priced at $12 per ADS, at the low end of its expected price range of $12 to $14.

The company's shares opened trading at $12 a share but slipped 2.5 percent as trading closed.

Ray Zhang Ruiping, eHi's founder, chairman and CEO, said, "We believe the elevated commitment to corporate governance that follows a public listing, along with the added capital and increased brand recognition, will boost our efforts to grow."

In early October, eHi filed with the US Securities and Exchange Commission (SEC) for its IPO. The company was originally scheduled to go public Friday but delayed its listing till Tuesday due to allegations that it had misrepresented its financial performance and the size of its fleet of vehicles.

In response, eHi issued a statement on Monday, clarifying that the company, with the assistance of third parties, investigated these allegations and "determined they were without merit."

"We felt it was more important to provide as much transparency as possible to investors, and give them an opportunity to evaluate all of the disclosures in our public filings with the SEC," eHi's Chief Finance Officer Colin Sung said, commenting on the company's delayed IPO.

Headquartered in Shanghai, eHi initially focused on providing car services to corporate clients when it commenced business in 2006, and then expanded to provide car rentals to individual customers two years later.

China's car rental market as measured by revenues grew from 9.4 billion yuan (some $1.5 billion) in 2009 to 26.7 billion yuan in 2013, representing a compounded annual growth rate of 29.8 percent, according to Frost & Sullivan, a third-party market research firm.