Autozi Internet Technology, a company based in Beijing, China, that specializes in selling parallel import cars and auto parts, recently revised its terms for its upcoming IPO. The company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. This would give Autozi Internet Technology a market value of $467 million at the midpoint. The IPO float is set at just 1.2% of basic shares outstanding, a significant decrease from their previous attempt.
Previously, in August 2023, the company had set IPO terms to raise $23 million with a market cap of $484 million. However, with the revised terms, Autozi Internet Technology will be raising 75% less in proceeds. The company operates in various business segments including new car sales (mainly parallel import cars), auto parts and accessories sales (with a focus on lubricating oil), and automotive insurance related services.
Established in 2010, Autozi Internet Technology generated $114 million in revenue for the 12 months ended September 30, 2023. The company plans to list on the Nasdaq under the symbol AZI, with Tiger Brokers and Kingswood Capital Markets serving as the joint bookrunners for the deal.