Jiuzi Holdings, a new energy vehicle retailer in China, announced terms for its IPO on Tuesday.
The Hangzhou, China-based company plans to raise $25 million by offering 5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Jiuzi Holdings would command a market value of $100 million.
Jiuzi Holdings franchises and operates retail stores under brand name "Jiuzi," which sell new energy vehicles (NEV) in third-fourth tier cities in China. It currently has 18 operating franchise stores and one company-owned store in China. The company sources its inventory through more than twenty NEV manufacturers, including BYD, Geely, and Chery, as well as battery and component manufacturers such as Beijing Zhongdian Boyu, Shenzhen Jishuchongke, and Youbang Electronics.
Jiuzi Holdings was founded in 2017 and booked $5 million in sales for the 12 months ended April 30, 2020. It plans to list on the Nasdaq under the symbol JZXN. Boustead Securities is the sole bookrunner on the deal.
