Autozi Internet Technology, a Beijing-based company that specializes in selling parallel import cars and auto parts, has announced an increase to the size of its proposed IPO. Originally, the company planned to offer 1.3 million shares at a price range of $4 to $5, but this new plan involves offering 2.5 million shares at the same range. This adjustment means that Autozi will raise 100% more in proceeds than originally expected, with the IPO float now representing just 2.4% of basic shares outstanding.
Autozi operates in the automotive industry and provides a variety of products and services through both online and offline channels in China. The company’s business segments include new car sales, primarily focusing on parallel import cars, as well as auto parts and accessories sales, with a strong emphasis on lubricating oil. Additionally, Autozi offers automotive insurance related services.
The company was established in 2010 and reported revenue of $114 million for the 12 months ending September 2023. Autozi plans to list on the Nasdaq under the symbol AZI, with Tiger Brokers and Kingswood Capital Markets serving as the joint bookrunners on the deal.
