Car rental company Hertz Global Holdings Inc. Friday said it could raise up to $1.8 billion from the sale of more than 101 million shares in a proposed initial public offering.

Hertz will issue more than 88.2 million shares for an estimated price of between $16 and $18 per share, according to an amended offering document filed with the U.S. Securities and Exchange Commission.

In the event the IPO is oversubscribed, the underwriters will also have the option to buy another 13 million shares from a private equity group, which acquired Hertz from Ford Motor Co. in December for about $15 billion, including the assumption of debt.

The group consists of Merrill Lynch affiliate ML Global Private Equity Fund LP, Clayton Dubilier & Rice and The Carlyle Group.

Goldman Sachs & Co. (GS), Lehman Brothers (LEH), Merrill Lynch & Co. (MER), Deutsche Bank Securities and JPMorgan are among nine underwriting firms that will help manage the IPO.

Hertz said it plans to use a portion of the proceeds from the sale of 88.2 million shares to pay a special dividend to stockholders immediately prior to the IPO.

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