Cheetah Net Supply Chain Service, which sells parallel import luxury cars in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Charlotte, NC-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. The company had previously filed to offer 2 million shares at the same range. At the midpoint, Cheetah Net Supply Chain Service will raise 38% less in proceeds than previously anticipated.
Cheetah Net is a supplier of parallel import vehicles, which are vehicles purchased by dealers directly from overseas markets and imported for sale through channels other than brand manufacturers' official distribution systems. The company purchases automobiles, primarily luxury brands such as Mercedes and BMW, from the US market and resells them to parallel import car dealers in both China and the US. Cheetah Net sold 463 vehicles in 2022, and as of December 31, 2022, the company's sourcing network consisted of 342 purchasing agents.
Cheetah Net Supply Chain Service was founded in 2016 and booked $53 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol CTNT. Maxim Group LLC is the sole bookrunner on the deal.
