Autozi Internet Technology, which sells parallel import cars and auto parts in China, announced terms for its IPO on Monday.
The Beijing, China-based company plans to raise $23 million by offering 2.5 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Autozi Internet Technology would command a market value of $484 million. The IPO float is just 4.7% of basic shares outstanding.
Autozi provides automotive products and services through online and offline channels in China. The company's business segments include new car sales, primarily parallel import cars; auto parts and auto accessories sales, primarily lubricating oil; and automotive insurance related services.
Autozi Internet Technology was founded in 2010 and booked $108 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol AZI. Tiger Brokers is the sole bookrunner on the deal.
