Beijing-based Autozi Internet Technology, a company that specializes in parallel import cars and auto parts, recently announced changes to its IPO terms. The company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5, resulting in a market value of $467 million at the midpoint. This IPO represents just 1.2% of the basic shares outstanding, significantly lower than its previous IPO attempt in August 2023 when it planned to raise $23 million at a market cap of $484 million.
Autozi Internet Technology operates in the automotive industry, providing products and services through both online and offline channels in China. Its business segments include new car sales, primarily parallel import cars, auto parts and accessories sales, focusing on lubricating oil, and automotive insurance related services. Founded in 2010, the company 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 on the deal.