AoChuang Holdings, an electric vehicle retailer in China, filed on Friday with the SEC to raise up to $6 million in an initial public offering.
The company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, AoChuang Holdings would command a market value of $176 million.
AoChuang Holdings operates four full-service electric vehicle (EV) dealerships in Haikou, China, covering all aspects of the EV lifecycle, including new vehicle sales, after-sales services such as repairs and maintenance, and vehicle-related finance and insurance solutions. It maintains dealership agreements with EV manufacturers in China to offer a diversified portfolio of popular brands like Geely Geometry, Ora, Chery New Energy, and GAC Trumpchi.
The Haikou, China-based company was founded in 2013 and booked $67 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol ANE. AoChuang Holdings filed confidentially on March 29, 2024. EF Hutton is the sole bookrunner on the deal.
