Jiuzi Holdings, an electric vehicle retailer in China, raised $26 million by offering 5.2 million shares at $5, the midpoint of the $4 to $6 range. The company offered 200,000 more shares than anticipated. At pricing, the company commands a market value of $101 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 31 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 plans to list on the Nasdaq under the symbol JZXN. Boustead Securities acted as a lead manager on the deal.
