KAR Auction Sets IPO Terms

KAR Auction Services Inc., a Carmel, Ind.-based provider of vehicle auction services in North America, has set its IPO terms to 23 million shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $2.2 billion, were it to price at the high end of its range.

KAR plans to trade on the NYSE under ticker symbol KAR, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

Shareholders include Kelso & Co. (42% pre-IPO stake), Parthenon Capital, Goldman Sachs and ValueAct Capital. www.karholdings.com