Autozi Internet Technology, a Beijing-based company that specializes in the sale of parallel import cars and auto parts, recently announced an update to its upcoming IPO terms. The company is now targeting 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. This represents a significant decrease from their previous IPO attempt, where they had aimed to raise $23 million with a market cap of $484 million.
The revised terms indicate that the company will be raising 75% less in proceeds compared to their initial plan. Autozi Internet Technology’s business focus is 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.
Founded in 2010, Autozi Internet Technology reported $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 on the deal.
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