Autozi Internet Technology, which sells parallel import cars and auto parts in China, revised the terms for its upcoming IPO on Thursday.
The Beijing, China-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. At the midpoint, it would command a market value of $467 million. The IPO float is now just 1.2% of basic shares outstanding. The company had previously set IPO terms in August 2023, planning to raise $23 million at a market cap of $484 million. At the revised terms, Autozi Internet Technology will raise 75% less in proceeds compared to its previous IPO attempt.
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 $114 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol AZI. Tiger Brokers and Kingswood Capital Markets are the joint bookrunners on the deal.
