Autozi Internet Technology, a company based in Beijing, China, specializes in selling parallel import cars and auto parts. They recently updated the terms for their upcoming IPO, now aiming to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. This would give the company a market value of $467 million at the midpoint. The IPO float represents just 1.2% of the basic shares outstanding, a significant decrease from their previous IPO attempt.
Previously, Autozi Internet Technology had set IPO terms in August 2023 to raise $23 million with a market cap of $484 million. The revised terms now indicate that the company will raise 75% less in proceeds compared to their initial plan. The company’s business focuses on providing automotive products and services through both online and offline channels in China. Their segments include new car sales, auto parts and accessories sales (primarily lubricating oil), and automotive insurance-related services.
Having been founded in 2010, Autozi Internet Technology reported $114 million in revenue for the 12 months ended September 30, 2023. They are planning to list on the Nasdaq under the symbol AZI, with Tiger Brokers and Kingswood Capital Markets serving as the joint bookrunners on the deal.