Autozi Internet Technology, which sells parallel import cars and auto parts in China, withdrew its plans for an initial public offering on Wednesday. It had most recently planned to raise $11 million by offering 2.5 million shares at a price range of $4 to $5, where it would have commanded an $472 million market cap at the midpoint.
The Beijing, China-based company was founded in 2010 and booked $118 million in sales for the 12 months ended March 31, 2024. It had planned to list on the Nasdaq under the symbol AZI. Tiger Brokers and Kingswood Capital Markets were set to be the joint bookrunners on the deal.
